Comcast Corporation announced Wednesday that Chief Financial Officer (CFO) Mike Cavanagh has been promoted to the added role of President, making him the the third in the company’s 59-year history.
Cavanagh will remain on as CFO, and with this promotion, he will also work closely with Comcast’s Chairman and CEO Brian Roberts to manage the businesses and teams across the global media and technology company.
“Today’s promotion will come as no surprise – Mike is admired and trusted by those who know and work with him,” Roberts said in a statement. “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.”
“It’s an honor to work with Brian to lead this great company,” Cavanagh said. “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.”
Cavanagh joined the company seven years ago as CFO, after more than 20 years in the financial services industry. He was previously co-CEO of JP Morgan Chase’s corporate and investment bank from 2012 to 2014 and headed all cash management, investor services and the largest global markets and trading business in the world. He also served as JP Morgan Chase’s CFO for six years, “helping steer the company to successfully navigate the financial crisis.”
Cavanagh held additional key positions at JP Morgan Chase and its predecessor firms 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. Prior to Comcast, he 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. Cavanagh also serves on the board of software company HealthVerity and is a member of the Council on Foreign Relations.
