(L-R) Michael Cavanagh, then-chief monetary officer of Comcast, talks with Brian Roberts, chief government officer of Comcast, as they arrive for the annual Allen & Firm Solar Valley Convention, July 9, 2019 in Solar Valley, Idaho.
Drew Angerer | Getty Photos
Comcast introduced Monday it is named Mike Cavanagh as co-CEO alongside longtime chief Brian Roberts, beginning in January.
Cavanagh, who at the moment serves as president, can even be named to the Comcast board of administrators at the moment. Roberts will stay as chairman and co-CEO of the corporate.
“Since becoming a member of Comcast a decade in the past, Mike has confirmed himself to be a trusted and collaborative chief,” Roberts mentioned in an announcement. “He’s the perfect particular person to assist lead Comcast as we handle the pivot we’re making to drive progress throughout the corporate. Mike and I work seamlessly collectively, and I’m thrilled to be partnering with him as Co-CEO and with the remainder of our gifted administration crew, for years to come back.”
Cavanagh beforehand served as chief monetary officer of the cable large, which consists of a broadband, cable TV and cellular firm in addition to NBCUniversal. Earlier than Comcast, Cavanagh was co-CEO of JPMorgan’s company and funding financial institution.
“Comcast is a particular firm with distinctive companies and an unbelievable crew. It’s an honor to work with Brian and the complete Comcast NBCUniversal management crew throughout this thrilling and transformative time in our trade,” Cavanagh mentioned in an announcement.
Comcast shares had been basically flat in early buying and selling Monday following the announcement. The inventory is down about 15% up to now this yr. Throughout Cavanagh’s tenure as president, from October 2022 to at the moment, Comcast shares have gained about 9%.
Cavanagh has lengthy been thought of inheritor obvious to Roberts by trade insiders, CNBC reported this yr.
In 2022 he was promoted to president of Comcast and months later his function expanded when Jeff Shell exited his function as CEO of NBCUniversal. Cavanagh took over direct management of the corporate’s TV, movie and theme park models, though was by no means formally named CEO of NBCUniversal.
Since then he has embedded within the NBCUniversal enterprise and has overseen a lot of adjustments on the division, together with a restructuring and most notably NBCUniversal’s spinout of its cable TV networks, together with CNBC, MSNBC and the Golf Channel.
The corporate’s new company management construction mirrors that of Netflix, the runaway chief in streaming.
Finance to the fore
Netflix in 2023 promoted Greg Peters, beforehand the corporate’s chief working officer, to co-CEO alongside Ted Sarandos after Reed Hastings introduced he would step again. Sarandos has lengthy been in command of content material, whereas Peters’ focus had been centered on rising Netflix past DVDs and into streaming, increasing partnerships and growing the worldwide footprint — all of which have been key to the streaming large’s progress.
Netflix’s disruption of the media enterprise has helped to shift the trade towards a new crop of finance- and operations-minded leaders on the high of leisure corporations.
Warner Bros. Discovery mentioned earlier this yr it will break up into two companies — Warner Bros., made up of the streaming platform and studios, and Discovery International, the TV networks enterprise. Gunnar Wiedenfels, the CFO of Warner Bros. Discovery, is slated to take over as CEO Of Discovery International after the break up.
Comcast’s companies, in the meantime, has been confronted with varied headwinds lately.
Pressures on broadband have ramped up following a interval of gangbuster progress as a result of elevated competitors from various suppliers, similar to 5G or so-called fastened wi-fi. In flip, Comcast and its friends have suffered from a slowdown in subscriber progress.
In July, Comcast reported a lack of 226,000 whole home broadband clients for the second quarter regardless of a shift in market technique earlier this yr, which included new pricing.
Comcast is scheduled to report its subsequent quarterly earnings on Oct. 30.
Disclosure: Comcast is the mum or dad firm of NBCUniversal, which owns CNBC. Versant would change into the brand new mum or dad firm of CNBC upon Comcast’s deliberate spinoff of Versant.
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