Michael Cavanagh to take over the role of CFO at Comcast
On Monday cable giant Comcast announced that it has hired Michael J. Cavanagh as its chief financial officer following the collapse of its proposed $45 billion merger with Time Warner Cable.
Cavanagh, who is from private equity firm Carlyle Group LP will replace Michael J. Angelakis who has served as Comcast’s chief financial officer since 2008.
In March 2015, Mr. Angelakis said that he was leaving his post to start a new Comcast-backed company. The company's investment arm is scheduled to start operations in 2015 or early 2016 with up to $4.1 billion to invest in growth-oriented companies.
Cavanagh will join Comcast early this summer. He will receive a base salary of $1.8 million for 2015 plus a cash bonus opportunity of 300% of his base salary.
Brian L. Roberts, Comcast’s chief executive said that Mr. Cavanagh is 'world-class executive who has a significant experience to lead oversee large companies with multiple, complex businesses.
He added, "Mr. Cavanagh is a prominent and influential figure on Wall Street. He comes to Comcast after just one year at Carlyle as co-president there he became one of the potential successors to the investment firm’s founders".
Cavanagh worked as part of the operating committee of JPMorgan Chase for 10 years before joining Carlyle. He worked as a CFO for about six years during the financial crisis.
He also worked as a top lieutenant to Jamie Dimon, the chief executive, he helped steer the bank through some of its toughest challenges, including an investigation into the huge 'London whale' trading loss.
Mr. Cavanagh worked as an executive of Bank One and Citigroup before JPMorgan Chase. He also is on the board of Yum Brands and is a member of the Council on Foreign Relations.
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