Comcast extends its agreement with President Michael Cavanagh until 2027
The chief financial officer of the Philadelphia-headquartered conglomerate was given additional duties in October.
Michael Cavanagh, Comcast’s chief financial officer who was just promoted to president, has signed a new multi-year contract with the corporation.
Comcast, managed by Brian Roberts, said on December 30 that it had engaged in a new employment arrangement with Cavanagh that would last through the end of 2027. According to the Securities and Exchange Commission filing, the deal calls for a base pay of $2.5 million to begin next March, as well as a performance-based incentive.
Cavanagh, who joined Comcast in 2015 after working as an asset manager at The Carlyle Group and previously co-heading investment banking and serving as the bank’s CFO, was promoted to president in October.
Comcast identified the executive’s new role as “working closely with CEO Roberts to manage the businesses and teams across the corporation.” Cavanagh also serves on the board of directors of software company HealthVerity and is a member of the Council on Foreign Relations.
While Comcast’s stock price hasn’t fallen as much as some of its Hollywood peers this year — Warner Bros. Discovery lost 60% since the combined firm began trading, Netflix fell 50%, and Disney fell 44% – the media and cable conglomerate fell 31% by 2022.
“For the past seven years Mike has been an incredible leader, partner and friend,” Roberts said on the company’s quarterly earnings call in late October of Cavanagh’s new title. “And we are both very focused on continuing to innovate and grow this wonderful company for all our employees, customers and guests.”