Comcast Chief Financial Officer Michael Cavanagh, who was recently given the title of president, signed a new multi-year deal with the company.
Brian Roberts member Comcast revealed in December. On March 30, it signed a new employment agreement with Cavanagh until the end of 2027. The agreement calls for a base salary of $2.5 million starting next March, as well as performance-based incentives, according to a filing with the Securities and Exchange Commission.
Cavanagh, who joined Comcast in 2015, previously worked at the Carlyle Group asset management firm and previously served as co-head of investment banking at JPMorgan Chase and Served as the bank’s chief financial officer (CFO). He was promoted to president in October.
In promoting the executive, Comcast described his new role as working closely with CEO Roberts “to manage businesses and teams across the company.” Cavanagh also sits on the board of software company HealthVerity and is on the Council on Foreign Relations roster.
That’s despite Comcast’s share price falling less than some of its Hollywood peers — Warner Bros. — this year. Discovery is down 60% since the combined companies began trading, Netflix is down 50% and Disney is down 44% — the media and cable conglomerate is down 31% during 2022.
“Mike has been an incredible leader, partner and friend over the past seven years,” Roberts said of Kavanagh’s new title during the company’s quarterly earnings call in late October. “We are all very focused on continuing to innovate and grow this fantastic company for all of our employees, customers and guests.”