Comcast mentioned on Monday it can appoint President Michael Cavanagh as co-CEO, adopting a twin chief government mannequin as the corporate prepares to spin off a number of NBCUniversal cable networks as a part of a restructuring.
Cavanagh will take up the brand new function in January and in addition be a part of the corporate’s board, serving alongside Brian Roberts, who will proceed as chairman and co-CEO.
A number of high-profile companies equivalent to Oracle and Netflix have adopted a co-CEO mannequin to higher handle their operations as they develop into extra advanced and globally diversified.
Comcast plans to spin off its NBCUniversal cable channels, together with USA Community and CNBC, into a brand new firm known as Versant later this 12 months amid shifting market dynamics and rising curiosity in streaming platforms.
“He’s the perfect particular person to assist lead Comcast as we handle the pivot we’re making to drive progress throughout the corporate,” Roberts mentioned in an announcement.
Comcast can also be planning a restructuring of its largest enterprise unit, connectivity and platforms that features Xfinity web, cell and pay TV providers, Reuters reported earlier this month. It plans to eradicate a layer of administration and lower jobs as a part of efforts to centralize operations.
The corporate can also be working to show round its broadband enterprise, which has confronted intense competitors from wi-fi telecom suppliers which can be aggressively selling web and cell bundle offers.
Comcast has responded by introducing nationwide pricing, five-year worth ensures, and bundled cell and broadband packages.
Cavanagh joined Comcast as its finance chief in 2015. He was beforehand additionally the JPMorgan’s CFO for six years, and co-head of the monetary large’s company and funding financial institution.
—Harshita Mary Varghese, Reuters
