Comcast Corporation (NASDAQ: CMCSA) on Oct. 12 announced that its present chief financial officer, Mike Cavanagh, has been named president of the company. With the promotion, Cavanagh will work closely with Comcast chairman and CEO Brian L. Roberts to manage the corporation's businesses and teams across the company.
As noted in a press release, Cavanagh will be only the third president in the company’s 59-year history. He will remain CFO of Comcast.
A seasoned industry veteran
Cavanagh joined Comcast seven years ago as chief financial officer. With his leadership, the company has expanded its reach significantly in the US and globally.
Cavanagh came to Comcast after more than 20 years in the financial services industry. He was co-CEO of JPMorgan Chase’s Corporate & Investment Bank from 2012 to 2014, a global leader in its industry with over $30 billion in revenue at the time, and more than 60,000 employees located in nearly 100 countries.
In this role, Cavanagh co-headed all investment banking, cash management, investor services, and the largest global markets and trading business in the world. He also served as JPMorgan Chase’s CFO for six years – helping steer the company to successfully navigate the financial crisis.
In addition, at JPMorgan Chase and its predecessor firms, Mike held various key positions that were critical to the company’s success, including CEO of the firm’s Treasury & Securities Services division, head of Strategy and Planning, and chief operating officer of Middle Market Banking. Immediately prior to joining Comcast, he briefly served as co-president and co-chief operating officer of The Carlyle Group, a global alternative asset manager.
Cavanagh earned a B.A. from Yale University and a J.D. from the University of Chicago. He serves on the Board of Trustees of Yale and is chairman of its Investment Committee, which has more than $40 billion under management. He also serves on the board of HealthVerity, and is a member of the Council on Foreign Relations.
“Today’s promotion will come as no surprise – Mike is admired and trusted by those who know and work with him. Mike has brought incredible operational and financial expertise to Comcast and is an integral part of our special company. He’s an outstanding partner, and together we are focused on continuing to create new and exciting opportunities for growth.” -- Comcast chairman and CEO, Brian L. Roberts“It’s an honor to work with Brian to lead this great company. We have exceptional businesses with world-class executives in Dana, Dave, and Jeff and I’m proud to call them my partners. I look forward to working together to shape the bright future of Comcast.” -- Mike Cavanagh, president and chief financial officer, Comcast Corporation