Comcast Names Mike Cavanaugh As President

Comcast Corp. has promoted Mike Cavanagh to be the company's third president in its 59-year history.

The Philly Business Journal reports Cavanagh has served as CFO since 2015, and will continue in that role in addition to his promotion to president. In addition to being chairman and CEO, Brian Roberts had also previously held the title of president. Prior to Roberts becoming president in 1990, the title had been held by his dad, Comcast founder Ralph Roberts, who was also chairman and CEO.

Mike Cavanaugh

As president, Comcast says Cavanagh will "work closely with CEO Brian Roberts to manage the businesses and teams across the company."

Before coming to Philadelphia, Cavanagh served in various C-suite positions at JPMorgan Chase. From 2012-2014, he was co-CEO of JPMorgan Chase's Corporate and Investment Bank. Prior to that, Cavanagh was CFO of JPMorgan for six years. He also was CEO of the banking giant’s Treasury & Securities Services division, head of strategy and planning and COO of Middle Market Banking.

Roberts said that the "promotion will come as no surprise."

"[Cavanagh] is admired and trusted by those who know and work with him,” Roberts said. “[Cavanagh] has brought incredible operational and financial expertise to Comcast and is an integral part of our special company. He’s an outstanding partner and together we are focused on continuing to create new and exciting opportunities for growth.”

Cavanagh, who received his undergraduate degree from Yale and a law degree from the University of Chicago, said that it is "an honor to work with Brian [Roberts] to lead this great company."

Cavanagh is also a member of the Council on Foreign Relations, is on the board at Yale and is chairman of its investment committee.

The move comes shortly after Comcast Spectacor promoted Valerie Camillo to the previously unfilled position of president and CEO of Spectacor Sports and Entertainment.