Comcast (NASDAQ: CMCSA) has named Carlyle Group executive Michael Cavanagh its new chief financial officer, replacing Michael Angelakis who is shifting to oversee the company's new strategic investment unit.
Cavanagh will operate under the title of senior executive VP and CFO at Comcast, moving into the company's Philadelphia headquarters this summer.
At Carlyle, a global alternative asset manager, he held the title of co-president and co-chief operating officer, based out of New York. Cavanagh also served 10 years on the operating committee and six years as CFO at JPMorgan Chase & Co.
According to a Comcast 8K filing Monday, Cavanagh will receive a base salary of $1.8 million with a cash bonus opportunity to make up to 300 percent of that total. Signed through 2019, he will also receive a signing bonus of up to $10 million, based on performance-based stock awards.
"He is a world-class executive with significant experience leading and overseeing large companies with multiple, complex businesses," Comcast chief executive Brian Roberts said, in a statement. "He has had a distinguished career that spans more than two decades, is incredibly talented, and will be a great leader for Comcast."
The national search by Comcast that culminated in his hiring came amid the late-March announcement that vice chairman and CFO Angelakis was to oversee a new strategic investment company funded with $4 billion.
"The opportunity to work closely with Brian and one of the best management teams I've come across in any industry was something I could not pass up," Cavanagh said. "Carlyle is a great organization with a bright future. Michael Angelakis has helped build Comcast into the strong financial position it is in today and I can't wait to get to work with my new colleagues to further expand on the company's success."
- read this Comcast press release
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