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The chief financial officer of the Philadelphia-headquartered conglomerate was given additional duties in October.
By Erik Hayden
Executive Editor, Business
Michael Cavanagh, the chief financial officer of Comcast who was recently given the added title of president, has inked a new multi-year deal with the company.
The Brian Roberts-led Comcast disclosed Dec. 30 that it entered into a new employment agreement with Cavanagh through the end of 2027. The agreement stipulates a base salary of $2.5 million beginning next March, as well as a performance-based award, per the Securities and Exchange Commission filing.
Cavanagh — who joined Comcast in 2015 after a stint at asset manager The Carlyle Group and previously co-heading investment banking at JPMorgan Chase and serving as CFO of the bank — was upped to president in October.
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In promoting the exec, Comcast described his new role as working closely with CEO Roberts “to manage the businesses and teams across the company.” Cavanagh additionally sits on the board of directors at software firm HealthVerity and is on the membership roster of the Council on Foreign Relations.
While Comcast stock price hasn’t fallen as much as some of its Hollywood peers this year — Warner Bros. Discovery fell 60 percent since the combined firm started trading, Netflix dropped 50 percent, Disney fell 44 percent — the media and cable conglomerate fell 31 percent over the course of 2022.
“For the past seven years Mike has been an incredible leader, partner and friend,” Roberts said on the company’s quarterly earnings call in late October of Cavanagh’s new title. “And we are both very focused on continuing to innovate and grow this wonderful company for all our employees, customers and guests.”
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