Comcast said chief financial officer Mike Cavanagh has been promoted to president, working with chairman and CEO Brian Roberts.
Cavanagh will remain as Comcast's CFO, a position he has held since joining the company seven years ago.
"Today's promotion will come as no surprise — Mike is admired and trusted by those who know and work with him," Roberts said. "Mike has brought incredible operational and financial expertise to Comcast and is an integral part of our special company. He's an outstanding partner and together we are focused on continuing to create new and exciting opportunities for growth."
The promotion comes at a time when media companies, Comcast included, are getting downgraded by Wall Street because of the crumbing of the traditional pay television business. Comcast is also seen as a mixed bag as the industry turns to streaming. It is one of the largest providers of broadband, but subscriber growth has slowed. Its NBCUniversal unit's Peacock streaming service is an also-ran behind Disney Plus and Netflix, which could mean the company needs to make an acquisition to become a player.
Before joining Comcast, Cavanagh was co-president and co-chief operating officer of The Carlyle Group. Previously he was co-CEO of JPMorgan Chase's corporate and investment bank from 2012 to 2014.
"It's an honor to work with Brian to lead this great company," Cavanagh said. "We have exceptional businesses with world-class executives in [Sky Group CEO] Dana [Strong], [Comcast Cable president and CEO] Dave [Watson] and [NBCUniversal CEO] Jeff [Shell] and I’m proud to call them my partners. I look forward to working together to shape the bright future of Comcast." ■
