Comcast named Michael Cavanagh as co-CEO of the company effective January 2026, a move that would seem to set a succession plan for Brian Roberts, scion of Comcast’s founder and its chairman.
Roberts, 66, will continue as chairman and co-CEO, and Cavanagh will be named to the Comcast board of directors (but Cavanagh will not serve on any board committee).
Cavanagh, 59, will take Comcast’s helm at a challenging moment in the traditional media sector. Comcast’s large cable business has been shedding customers as they move to broadband venues for entertainment, information and sports. And the company is splitting off old-school cable assets from NBCUniversal into a new entity called Versant, betting that its broadcast and streaming assets will grow more without having to be lumped in with cable outlets such as MSNBC (soon to become MS NOW), E!, CNBC or Syfy.
Cavanagh’s presence has grown at Comcast in recent years. He shepherds the company’s earnings calls with investors, with Roberts weighing in on larger industry issues or future-facing initiatives. And Cavanagh took on oversight of operations at NBCU after the exit of former CEO Jeff Shell — even as he maintained his larger corporate duties.
“Since joining Comcast a decade ago, Mike has proven himself to be a trusted and collaborative leader,” Roberts said in a prepared statement. “He is the ideal person to help lead Comcast as we manage the pivot we are making to drive growth across the company. Mike and I work seamlessly together, and I am thrilled to be partnering with him as co-CEO and with the rest of our talented management team, for years to come.”
Cavanagh joined Comcast in 2015 as chief financial officer, before rising to president in October 2022. He previously spent more than two decades in financial services, including as co-CEO of JPMorgan Chase’s corporate and investment bank. He also served as JPMorgan Chase’s CFO for six years, helping the company “successfully navigate the financial crisis.”
“Comcast is a special company with exceptional businesses and an incredible team. It is an honor to work with Brian and the entire Comcast NBCUniversal leadership team during this exciting and transformative time in our industry,” Cavanagh said in a statement.
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Pictured above: Michael Cavanagh (left), Brian Roberts
From Variety US