Michael J. Cavanagh appointed as New CFO for Comcast
Comcast, a US based international mass media company, appointed Michael J. Cavanagh, a former top JPMorgan Chase & Co. banker, as its new chief financial officer (CFO). He is hired for a pay package worth $29.7 million.
Cavanagh, 49, was hired by Comcast after spending less than a year at private equity firm Carlyle Group LP, where he was recruited to be co-president.
Earlier, he served as a close deputy to JPMorgan Chief Executive Officer Jamie Dimon for more than two decades.
Cavanagh's compensation at Philadelphia-based Comcast includes a $10 million restricted-stock signing bonus and another stock award of $2.5 million, both based on performance.
Comcast's new chief financial officer is also getting a $10 million contribution to the company's deferred compensation plan and a $1.8 million salary, according to a filing Monday.
Cavanagh is joining Comcast after the collapse of the company's $45.2 billion proposed takeover of Time Warner Cable Inc. last month in the face of regulatory hurdles.
The end of the deal, more than a year after it was announced created high pressure on Comcast to chase growth by other means, from mobile communications in the US to expansion overseas.
Amy Yong, a New York-based analyst for Macquarie Group Ltd. said many observers thought Comcast would choose a new CFO who would have a technology background given how the cable industry's future is tied to online video and high-speed Internet.
The shares of the company fell 1.1% to close at $57.77 in New York.
Cavanagh will take over for Michael Angelakis, who will leave to establish a new investment company operated by Comcast.
Angelakis will be CEO of the yet-to-be named entity, to which Comcast has committed $4 billion. Angelakis will remain with Comcast proper in an advisory role and will also help Cavanagh transition to CFO.
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