Michael Cavanagh Extends Employment Contract with Comcast
Michael Cavanagh, who is set to become co-CEO of Comcast on Jan. 2, has signed an extension to his employment contract with the company. The new agreement will keep Cavanagh with Comcast until Jan. 1, 2029.
Under the terms of the contract, Cavanagh will receive an annual base salary of $2.75 million. Additionally, his annual performance-based cash bonus target will remain at 300% of his base salary.
As part of the agreement, Comcast has awarded Cavanagh performance-based restricted stock units worth approximately $35 million. These units will vest after a three-year period, subject to both time-based and performance-based conditions.
Next month, Cavanagh, 59, will step into the role of co-CEO alongside Brian Roberts, 66, who is currently the chairman of Comcast. This move is seen as part of a succession plan for Roberts’ position as CEO.
Comcast is also set to spin off several of its businesses, including CNBC, MSNBC (now known as MS NOW), USA, Oxygen, E!, Syfy, and Golf Channel, into a new publicly traded company called Versant. This transaction is expected to close on Jan. 2 and aims to separate the NBC broadcast and Peacock streaming businesses from the declining cable TV networks.
Cavanagh joined Comcast in 2015 as chief financial officer and was promoted to president in October 2022. Prior to joining Comcast, he had a successful career in financial services, including serving as co-CEO of JPMorgan Chase’s corporate and investment bank. Cavanagh also held the position of CFO at JPMorgan Chase for six years, where he played a key role in navigating the financial crisis.
Over the years, Cavanagh’s responsibilities at Comcast have expanded. He took on oversight of operations at NBCUniversal following the departure of former CEO Jeff Shell, all while continuing to fulfill his corporate duties.
