Comcast President Michael Cavanagh Extends Contract Through 2027 – The Hollywood Reporter

Michael Cavanagh, the main fiscal officer of Comcast who was not too long ago presented the included title of president, has inked a new multi-12 months deal with the enterprise.

The Brian Roberts-led Comcast disclosed Dec. 30 that it entered into a new employment agreement with Cavanagh as a result of the conclusion of 2027. The agreement stipulates a base wage of $2.5 million starting next March, as perfectly as a overall performance-primarily based award, for every the Securities and Exchange Commission filing.

Cavanagh — who joined Comcast in 2015 immediately after a stint at asset supervisor The Carlyle Group and formerly co-heading expense banking at JPMorgan Chase and serving as CFO of the bank — was upped to president in October.

In advertising and marketing the exec, Comcast explained his new position as operating carefully with CEO Roberts “to deal with the businesses and groups throughout the company.” Cavanagh furthermore sits on the board of administrators at software package organization HealthVerity and is on the membership roster of the Council on Foreign Relations.

While Comcast inventory cost has not fallen as much as some of its Hollywood peers this yr — Warner Bros. Discovery fell 60 % considering the fact that the merged agency started investing, Netflix dropped 50 p.c, Disney fell 44 p.c — the media and cable conglomerate fell 31 % above the study course of 2022.

“For the previous seven yrs Mike has been an outstanding leader, companion and mate,” Roberts said on the company’s quarterly earnings phone in late October of Cavanagh’s new title. “And we are both equally extremely focused on continuing to innovate and mature this superb corporation for all our personnel, clients and guests.”