Comcast on Monday named Michael Cavanagh, previously a top exec at asset-management firm Carlyle Group, as the cable and programming conglomerate’s chief financial officer.
His appointment comes after the company said in March that former CFO Michael Angelakis would launch a technology and media investment firm with $4 billion in backing from Comcast. Last month, Comcast dropped is $45 billion bid to acquire Time Warner Cable after regulators signaled they would try to block the deal.
Cavanagh, 49, will join Comcast early this summer, based at the company’s Philadelphia headquarters. At Carlyle Group, he served as co-president and co-COO in New York. Prior to that, he spent almost 10 years at JPMorgan Chase & Co. as a member of the firm’s operating committee and served nearly six years as its CFO.
Comcast chairman and CEO Brian Roberts said in a statement about Cavanagh: “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.”
The company said Angelakis will become a senior adviser and will assist Cavanagh with the transition, after which Angelakis will become CEO of the new investment company.