Comcast president Mike Cavanagh has inked a contract extension with the cable and media big, simply days earlier than he’s set to be promoted to co-CEO of the corporate alongside Brian Roberts. The corporate had beforehand introduced the promotion on the finish of September.
Comcast disclosed the contract Tuesday night in an SEC submitting.
Cavanagh’s new contract runs by means of 2028, and features a wage bump to $2.75 million per 12 months (up from $2.5 million at the moment), and a goal money bonus of 300% of the wage (that’s $8.25 million). He additionally acquired $35 million in performance-based restricted inventory models.
His complete compensation final 12 months was $28.3 million, per filings.
Cavanagh is about to grow to be co-CEO Jan. 1, simply forward of Comcast’s deliberate Versant cut up, which is slated to be finalized the next week. It’s a giant job for the previous JPMorgan banker, who was beforehand CFO and was extra just lately upped to president of the corporate. Comcast remains to be managed by the Roberts household.
However he has successfully run NBCUniversal because the exit of Jeff Shell a pair years in the past, and helped oversee launches like Epic Universe earlier this 12 months, in addition to a deliberate push into the U.Okay.
“Since becoming a member of Comcast a decade in the past, Mike has confirmed himself to be a trusted and collaborative chief,” mentioned Roberts in an announcement when Cavanagh was first named co-CEO. “He’s the best particular person to assist lead Comcast as we handle the pivot we’re making to drive progress throughout the corporate. Mike and I work seamlessly collectively, and I’m thrilled to be partnering with him as Co-CEO and with the remainder of our gifted administration workforce, for years to return.”
The brand new deal simply solidifies that partnership.