Comcast has named Michael J Cavanagh, who most recently served as co-president and co-chief operating officer of private equity firm The Carlyle Group, as its new CFO.
Cavanagh will join the US’ largest cableco at its Philadelphia headquarters this…
Comcast has named Michael J Cavanagh, who most recently served as co-president and co-chief operating officer of private equity firm The Carlyle Group, as its new CFO.
Cavanagh will join the US’ largest cableco at its Philadelphia headquarters this summer, following the recent collapse of its planned US$45bn merger with Time Warner Cable (TWC).
He will replace Michael J Angelakis, who is leaving to set up a new company focused on investing in and operating growth-oriented companies in the US and beyond.
Before joining The Carlyle Group in New York, Cavanagh worked for JP Morgan Chase, most recently as co-CEO of its corporate and investment bank and CEO of its treasury and securities services business. Previously, following the bank’s merger with Bank One, he served as CFO, helping to steer it through the financial crisis.
The Yale and University of Chicago graduate has also previously held executive roles at Bank One, Citigroup and its predecessor companies.
Comcast CEO Brian L Roberts described Cavanagh as “a world-class executive with significant experience leading and overseeing large companies with multiple, complex businesses.”
For his own part, Cavanagh commented: “Michael Angelakis has helped build Comcast into the strong financial position it is in today and I can’t wait to get to work with my new colleagues to further expand on the company’s success”.
