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Comcast’s chief financial officer, Michael Cavanagh, who was recently added to the title of president, has signed a new multi-year deal with the company.
Comcast, led by Brian Roberts, announced on Dec. 30 that it had signed a new employment contract with Cavanagh through the end of 2027. Submissions to the Securities and Exchange Commission.
Cavanagh joined Comcast in 2015 after working at asset manager The Carlyle Group and previously served as co-head of investment banking at JPMorgan Chase and was the bank’s CFO. I was promoted to president in May.
In promoting the executive, Comcast described his new role as “managing the business and teams across the company,” working closely with CEO Roberts. Cavanagh is also a member of the board of directors of software company HealthVerity and is on the roster of the Council on Foreign Relations.
Comcast’s stock hasn’t fallen as much this year as some of its Hollywood peers, but Warner Bros. Discovery has tumbled 60% since the combined company began trading, while Netflix has tumbled 50%. Disney is down 44% and the media and cable conglomerate is down 31%. Percentage by 2022.
“Over the past seven years, Mike has been an incredible leader, partner and friend,” Roberts said of his new role at Cavanagh during the company’s quarterly earnings call in late October. “And we are very focused on continuing to innovate and grow this great company for all of our employees, customers and guests.”
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