JPMorgan, Carlyle veteran Cavanagh is Comcast's new CFO
"Well-positioned to win" in media and tech
Comcast Corp. has named its new chief financial officer: Michael J. Cavanagh, former CFO of Jamie Dimon's giant JPMorgan Chase & Co. and most recently Co-President at private-equity giant Carlyle Group (which co-owns Philadelphia Energy Solutions and dozens of other companies).
"Comcast is an exceptional company that is well-positioned to win in the rapidly-evolving media and technology industries," Cavangh said in a statement. He added that he'll be working closely with Comcast CEO Brian Roberts and "one of the best management teams I've come across in any industry." Cavanagh is replacing Michael Angelakis, who said earlier this year, on the eve of Comcast's cancellation of its planned purchase of Time Warner Cable, that he will become chief executive of Comcast's new multi-billion-dollar "growth-oriented" investments company.
Cavanagh joined JPMorgan after Dimon merged his previous company, Chicago-based Bank One (along with Richard Vague's First USA Bank) with the New York financial company and began hiring ex-Citibank colleagues, including Cavanagh, to fill top positions. He's a Yale and Chicago Law graduate and serves on the boardds of Yum Brands (Taco Bell) and the Council on Foreign Relations.