Citing ‘transformative times,’ Comcast creates co-CEO position

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Citing 'transformative times,' Comcast creates co-CEO position

Citing 'transformative times,' Comcast creates co-CEO position

On Monday, current Comcast Corp. Chairman and CEO Brian L. Roberts (L, pictured Feb. 2010 on Capitol Hill in Washington, D.C.) said since newly named co-CEO Michael Cavanagh joined Comcast in 2015, he has “proven himself to be a trusted and collaborative leader.” File Photo by Mike Theiler/UPI | License Photo

Global media company Comcast said Monday it named Michael J. Cavanagh as co-CEO to serve alongside current chairman and CEO Brian Roberts.

The Philadelphia-based Comcast said Cavanagh, its current president and past CFO after he joined Comcast in 2015, will be named to its board of directors with an effective January start date to begin his co-role as chief executive officer with Roberts.

“Since joining Comcast a decade ago, Mike has proven himself to be a trusted and collaborative leader,” Roberts said.

Roberts said he and Cavanagh work together “seamlessly,” and added Cavanagh is the ideal person to help lead the media giant “as we manage the pivot we are making to drive growth across the company.”

Prior to his entrance to Nasdaq-traded CMCSA as its chief financial officer and later role as president, Cavanagh ran the corporate investment wing of financial giant JPMorgan Chase as co-CEO and six years as JPM’s CFO.

On Monday, Comcast pointed to Cavanagh’s successful tenure as JPMorgan’s financial chief during the 2008 U.S. financial crisis.

“Comcast is a special company with exceptional businesses and an incredible team,” Cavanagh said in a statement, adding that it was “an honor” to work with Roberts and the “entire Comcast NBCUniversal leadership team during this exciting and transformative time in our industry.”

Comcast, which owns NBCUniversal, is the world’s second-largest broadcasting and cable television provider. Comcast affiliates produce and distribute a variety of streaming products through its NBC, Telemundo, Universal and Peacock brands.

Its wide media umbrella includes WiFi and broadband services via Xfinity, Comcast Business and Sky.

In the last year Comcast announced its spin-off of its most well-known cable-oriented NBCUniversal outlets, such as NBC News, NBC Sports, the Peacock streaming service and reality show-based channel Bravo, along with Universal theme parks.

It came after Disney bought out Comcast’s remaining financial stake in the streaming platform Hulu.

Comcast follows Texas-based software conglomerate Oracle that recently appointed two long-time executives to run the AI leader in dual CEO positions.

And last month, Comcast revealed MSNBC will be “My Source News Opinion World” as it exited the Comcast family into its newly created media company, Versant, to the praise of others like media personality Joe Scarborough.

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