After a month-long search, Comcast said it has named former Carlyle Group president and co-chief operating officer Michael Cavanagh senior vice president and chief financial officer, replacing Michael Angelakis who said in March that he would leave to start a new hedge fund backed by the cable giant.
“I’m so thrilled Mike [Cavanagh] is joining our team,” said Comcast chairman and CEO Brian Roberts in a statement. “He is a world-class executive with significant experience leading and overseeing large companies with multiple, complex businesses. He has had a distinguished career that spans more than two decades, is incredibly talented, and will be a great leader for Comcast.”
Cavanagh, who prior to his role at The Carlyle Group served for nearly 10 years as a member of the operating committee of JP Morgan Chase, six of those years as CFO, will begin his new role early this summer.
“Comcast is an exceptional company that is well-positioned to win in the rapidly evolving media and technology industries,” Cavanagh said in a statement. “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. 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.”
Angelakis, who joined Comcast in 2007 from private equity group Providence Equity Partners, said in March that he would leave the company to start an investment group backed by Comcast and aimed at investing in domestic and international growth companies. Angelakis has committed about $40 million of his own money to the fund and Comcast said it would invest about $4 billion in the company over time. Angelakis, who will serve as a senior advisor to Comcast and help Cavanagh transition in his new role, will become CEO of the new company.