Comcast hires new CFO, former JPMorgan top executive Michael Cavanagh; He'll start by July 6

Industries Associated Press

Comcast has picked its new CFO: a former JPMorgan Chase executive who was once considered a possible CEO candidate at the New York bank.

Continue Reading Below

Comcast said Monday that it is hiring Michael Cavanagh to replace CFO Michael Angelakis, who is starting a new investment company backed by the cable company.

Philadelphia-based Comcast has been through a lot of change over the past year. It scuttled its $45 billion bid for Time Warner Cable in April after regulators pushed back against the deal. Its Internet customers this quarter surpassed its TV subscribers — a first for the country's biggest cable company.

Cavanagh, 49, had been co-CEO of JPMorgan's corporate and investment bank. He left in March 2014 for private equity firm The Carlyle Group.

He is expected to start as CFO by July 6. Once that happens, Angelakis will step down as vice chairman and CFO and become a senior adviser.

Cavanagh is getting a signing bonus of $10 million in stock, another performance-based stock award worth $2.5 million and $10 million in a deferred compensation plan. He'll have a $1.8 million salary in 2015 with a possibility of a cash bonus worth up to $5.4 million.

Continue Reading Below

Angelakis has been at Comcast since 2007. He's leaving to form a new company that will invest in other companies in the U.S. and abroad. Comcast is giving $4 billion to the new business, and Angelakis is putting $40 million in it himself.