Comcast has named Michael J. Cavanagh its chief financial officer, to replace Michael J. Angelakis, who is leaving to head a previously announced joint investment company with Comcast “that will focus on investing in and operating growth-oriented companies,” the company said Monday.
Cavanagh, 49, will join Comcast early this summer from The Carlyle Group, a global alternative asset manager, where he served as its co-president and co-chief operating officer. Prior to Carlyle, Cavanagh spent nearly a decade as a member of JPMorgan Chase’s operating committee, and served nearly six years as its CFO following its merger with Bank One and throughout the financial crisis.
Cavanagh more recently held the role of co-CEO of JPMorgan Chase’s corporate and investment bank and CEO of its treasury and securities services business.
“I’m so thrilled Mike is joining our team,” Comcast Chairman and CEO Brian L. Roberts said in a press release. “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.”
Angelakis will become a senior adviser to Comcast and will assist Cavanagh with his transition. He will then become CEO of the new company.
Angelakis is on the board of directors of the Federal Reserve Bank of Philadelphia. From 1999 to 2007, he was a managing director and a member of the management and investment committees of Providence Equity Partners.
A Wall Street Journal article Monday said that Cavanagh’s decision to leave JPM was “a shock” to many in the company.
“Cavanagh was widely viewed as among the front-runners to take over the largest U.S. bank by assets when chief executive James Dimon stepped down,” the WSJ wrote.