In a serious transfer atop one of many world’s largest leisure firms, Comcast has named Mike Cavanagh co-CEO, becoming a member of Brian Roberts atop his household’s communications conglomerate.
Cavanagh was most just lately president of the corporate, and likewise successfully ran NBCUniversal, with the entire media firm’s executives reporting to him. He joined Comcast as CFO in 2015.
Cavanagh’s elevation can be efficient Jan. 1, at which period he may also be part of the Comcast board of administrators. Roberts will stay as chairman and co-CEO.
“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. “He’s the best individual 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 proficient administration staff, for years to come back.”
“Comcast is a particular firm with distinctive companies and an unimaginable staff. It’s an honor to work with Brian and your entire Comcast NBCUniversal management staff throughout this thrilling and transformative time in our business,” added Cavanagh.
The elevation of Cavanagh is uncommon in that Comcast is a family-controlled firm, having been based by Brian Roberts’ father Ralph Roberts greater than 60 years in the past. Brian succeeded his father atop the corporate in 1990. Brian Roberts’ son Tucker Roberts can also be an worker of Comcast, in its Spectator division, which owns the Philadelphia Flyers NHL staff and the Wells Fargo Middle.
That mentioned, it isn’t uncommon for managed by firms to raise executives to run them day after day. Paramount and its predecessors, below each Sumner Redstone and Shari Redstone, relied on skilled CEOs to run the businesses, whereas the Murdoch household turns to Robert Thomson to run Information Corp.
And whereas the co-CEO construction is uncommon, it isn’t unprecedented. Netflix, in fact, has had a co-CEO since Ted Sarandos was elevated to steer the corporate alongside Reed Hastings.