Michael Kavanaugh, who will become Comcast’s co-chief executive officer on January 2, has extended his employment contract with the cable media conglomerate until January 1, 2029.
Under the terms of the agreement, Mr. Kavanagh is entitled to an annual base salary of $2.75 million, and his annual performance-based cash bonus target will continue to be 300% of his base salary.
Additionally, Comcast granted Cavanagh performance-based restricted stock units valued at approximately $35 million. The units will vest after a three-year period (subject to meeting both time-based and performance-based conditions), the company said in an SEC filing.
Mr. Cavanagh, 59, will become co-CEO of Comcast next month, along with Brian Roberts, 66, the son of Comcast’s founder and chairman. This move appears to set out a succession plan for Roberts as CEO.
Also next month, Comcast plans to spin off CNBC, MS NOW (formerly MSNBC), USA, Oygen, E!, Syfy, Golf Channel and other businesses into a new publicly traded company called Versant, in a deal expected to close on January 2nd. The purpose of the spinoff is to free NBC’s broadcast and Peacock streaming businesses from the declining cable TV network. Comcast was one of the bidders for Warner Bros. Discovery’s streaming and studio business. WBD accepted Netflix’s offer, but Paramount Skydance is currently pursuing a hostile takeover.
Cavanagh joined Comcast in 2015 as chief financial officer and was promoted to president in October 2022. He previously worked in financial services for more than 20 years, including as co-CEO of JPMorgan Chase’s corporate and investment bank. He also served as CFO of JPMorgan Chase for six years, helping the company “successfully weather the financial crisis.”
Mr. Cavanagh’s presence at Comcast has grown in recent years. After former CEO Jeff Shell stepped down, he took over oversight of NBCUniversal’s operations while retaining larger corporate responsibilities.
