(LR) Michael Cavanagh, then financial manager of Comcast, speaks with Brian Roberts, CEO of Comcast, while they arrive for the annual conference of the Sun Valley, July 9, 2019, on July 9, 2019 in Sun Valley, Idaho.
Drew Angerer | Getty images
Comcast announced on Monday that it was called Mike Cavanagh as a CO-PDG alongside the longtime leader Brian Roberts, from January.
Cavanagh, who is currently president, will also be appointed to the board of directors of Comcast at the time. Roberts will remain president and co-PDG of the company.
“Since he joined Comcast a decade ago, Mike turned out to have been a trust and collaborative leader,” Roberts said in a statement. “He is the ideal person to help direct Comcast when we manage the pivot that we do to stimulate growth through the company. Mike and I work perfectly together, and I am delighted to associate with him as a CO-PDG and with the rest of our talented management team, for the coming years.”
Cavanagh previously was a financial director of the cable giant, which consists of a wide -band, cable and mobile television company as well as NBCUNIVERSAL. Before Comcast, Cavanagh was co-PDG of the JPMorgan business and investment bank.
“Comcast is a special company with exceptional companies and an incredible team. It is an honor to work with Brian and the whole management team of Comcast Nbcuniversal during this exciting and transformative period of our industry,” Cavanagh said in a press release.
Comcast’s actions were essentially stable on Monday at the start of the negotiation after the announcement. The stock is down approximately 15% so far this year. During Cavanagh’s mandate as president, from October 2022 to today, Comcast actions won around 9%.
Cavanagh has long been considered an apparent heir to Roberts by the initiates of the industry, CNBC reported this year.
In 2022, he was promoted to president of Comcast and months later, his role developed when Jeff Shell left his role as CEO of Nbcuniversal. Cavanagh has resumed direct leadership of the company’s television, cinema and theme park units, although it has never been officially appointed CEO of NBCUNIVERSAL.
Since then, it has integrated in the Nbcuniversal sector and has supervised a certain number of changes in the division, including a restructuring and in particular the nbcuniversal screening of its cable television networks, including CNBC, MSNBC and the golf chain.
The new business leadership structure of the company reflects that of NetflixThe head of the range in streaming.
Finance at the front
Netflix in 2023 promoted Greg Peters, previously the director of the company’s operation, for CO-PDG alongside Ted Sarandos after Reed Hastings announced that he would take a step back. Sarandos has long been in charge of content, while Peters Focus has been focused on Netflix growth beyond DVD and streaming, widening partnerships and increasing the international footprint – which have all been essential to the growth of the streaming giant.
The Netflix disruption of media activity has contributed to moving the industry to a new generation of financial leaders and operations at the top of entertainment companies.
Discovery Warner Bros. said earlier this year, it would be divided into two companies – Warner Bros., composed of the streaming platform and studios, and Discovery Global, the television network company. Gunnar Wiedenfels, the financial director of Warner Bros. Discovery, should take the post of CEO of Discovery Global after the split.
Comcast companies, on the other hand, have been faced with various opposite winds in recent years.
High speed pressures increased after a period of gangbuster growth due to the increase in competition from alternative providers, such as 5G or so-called fixed wireless. In turn, Comcast and its peers suffered from a slowdown in the growth of subscribers.
In July, Comcast reported a loss of 226,000 total national strip customers for the second quarter despite a change in market strategy earlier this year, which included new prices.
Comcast should publish its next quarterly results on October 30.
Disclosure: Comcast is the parent company of Nbcuniversal, owner of CNBC. Square would become the new mother company of CNBC on the spin-off of Comcast de Visant.