Comcast has recruited Morgan Stanley‘s head of Americas M&A and its long-time adviser Bob Eatroff to a strategy role to replace Alexander Evans, who is moving to join Michael Angelakis in his US$4bn investment partnership with the cableco.
Comcast (NASDAQ:CMCSA) has recruited its long-time adviser Bob Eatroff (pictured) as EVP of global corporate development and strategy, replacing Alexander Evans.
Eatroff will join in January from Morgan Stanley where he led the bank’s M&A advisory practice in the Americas.
He will report to Comcast CFO Michael Cavanagh, who described Eatroff as a “terrific talent”.
Cavanagh said: “[Eatroff] is well known to Comcast, having advised the company on transactions for years, including the acquisition of NBCUniversal, and has extensive knowledge of an array of sectors, including technology, telecommunications, cable, media, and wireless. I’m thrilled he will be bringing his extensive experience to our company.”
Eatroff leaves Morgan Stanley after more than 20 years.
Evans has vacated the role to join the strategic firm set up by Comcast and its former CFO, Michael Angelakis.
Comcast committed US$4bn to the entrepreneurial venture and Angelakis put US$40m of his fortune into it.
Evans becomes the new firm’s SVP of corporate development, taking over from Bob Pick who will retire at the end of the year. He will still consult for Comcast on special projects.
“I’d like to thank Bob Pick for his more than 26 years of service and all he has done for Comcast as we have achieved stunning growth during his tenure,” Comcast chairman and CEO Brian Roberts said in a statement.
“With Alex Evans remaining within the Comcast family and Bob Eatroff joining us, we’re in a great position to continue that growth and pursue exciting new opportunities.”
Comcast is the largest US cableco with a market capitalisation of around US$155bn. It is now taking its first tentative steps into the wireless market, following a network agreement with Verizon Communications.
Asked during a recent earnings call about that agreement, inked three years ago, Roberts said “it takes about six months to activate the MVNO”. He did not, however, make it clear when this six month period begins or ends.
After abandoning its takeover of Time Warner Cable on regulatory concerns, Comcast has been seeking out new growth opportunities. Like other pay-TV providers, it is also looking for ways to counteract cord-cutting.