Comcast CFO to Head Strategic Company


Comcast Corp, the largest U.S. cable operator, will form a company to invest in growth-oriented companies both in the United States and international markets, and it said its finance chief would leave his post and head the new company.

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The new company will have total capital commitments of up to $4.1 billion, of which $4 billion will be invested by Comcast and at least $40 million by Chief Financial Officer Michael Angelakis.

Angelakis, whose resignation will be effective upon the earlier of the date on which Comcast's new CFO commences employment or June 30, 2016, will also work with Comcast as senior adviser.

Comcast, which already owns and operates a venture capital arm through Comcast Ventures, said the newly formed company would begin operations in 2015 or early 2016.

Angelakis will receive annual compensation of $8 million in his role as the CEO, Comcast said in a regulatory filing. He will also receive $100,000 for his role as senior adviser.

Comcast's shares, which closed at $56.61 on Monday, were marginally up in premarket trading. (Reporting By Lehar Maan and Devika Krishna Kumar in Bengaluru; Editing by Maju Samuel)

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