Comcast's New CFO is Fmr. JPMorgan Exec Cavanagh


Comcast Corp. on Monday tapped Carlyle Group L.P. executive Michael J. Cavanagh as its next chief financial officer, replacing Michael J. Angelakis, who is leaving to lead a joint investment company with Comcast.

Continue Reading Below

Comcast said in March that it would create a $4.1 billion investment company in partnership with Mr. Angelakis to hunt for growth at home and abroad as the U.S. cable market matures. Mr. Angelakis stepped down as CFO to become the new company's chief executive. He will become a senior adviser to Comcast.

Shares of Comcast added 0.3% to $58.61.

Mr. Cavanagh joined private-equity firm Carlyle last summer as co-president and co-chief operating officer. He was previously a top J.P. Morgan Chase & Co. executive, serving as its finance chief for nearly six years.

At Carlyle, Mr. Cavanagh received compensation valued at $31.2 million in 2014, much of which stemmed from stock awarded when he was hired. He also received a $5 million bonus.

Before that, Mr. Cavanagh's decision last year to leave his job as co-head of J.P. Morgan's Wall Street operations was a shock to many in the company. Mr. Cavanagh was widely viewed as among the front-runners to take over the largest U.S. bank by assets when Chief Executive James Dimon stepped down.

Mr. Cavanagh's appointment comes after Comcast's $45.2 billion deal to buy Time Warner Cable Inc. fell apart last month amid increasing pressure from regulators.

Earlier this month, the company reported better-than-expected profit and revenue growth as the broadband business more than made up for a surprise loss of video customers in the first quarter.

What do you think?

Click the button below to comment on this article.