Comcast names Michael Cavanagh to serve as co-CEO – Business News
Comcast mentioned Monday it should appoint President Michael Cavanagh as co-CEO, adopting a twin chief govt model as the company prepares to spin off a number of NBCUniversal cable networks as half of a restructuring.
Cavanagh will take up the new position in January and additionally be a part of the company’s board, serving alongside Brian Roberts, who will proceed as chairman and co-CEO.
Several high-profile companies such as Oracle and Netflix have adopted a co-CEO model to higher handle their operations as they develop into more advanced and globally diversified.
Comcast President Michael Cavanagh will take up the new position in January and additionally be a part of the company’s board. REUTERS
Comcast plans to spin off its NBCUniversal cable channels, together with USA Network and CNBC, into a new company known as Versant later this 12 months amid shifting market dynamics and growing curiosity in streaming platforms.
“He is the ideal person to help lead Comcast as we manage the pivot we are making to drive growth across the company,” Roberts mentioned in a assertion.
Comcast is additionally planning a restructuring of its largest business unit, connectivity and platforms that consists of Xfinity web, cellular and pay TV companies, Reuters reported earlier this month. It plans to remove a layer of management and cut jobs as half of efforts to centralize operations.
The company can also be working to flip round its broadband business, which has confronted intense competitors from wi-fi telecom suppliers that are aggressively selling web and cellular bundle offers.
Comcast plans to spin off its NBCUniversal cable channels, together with USA Network and CNBC, into a new company known as Versant later this 12 months Cavanagh and Comcast CEO Brian Roberts in 2019, above. Getty Images
Comcast has responded by introducing national pricing, five-year price ensures, and bundled cellular and broadband packages.
Cavanagh joined Comcast as its finance chief in 2015. He was beforehand additionally JPMorgan’s CFO for six years, and co-head of the financial giant’s company and investment bank.
