By Chelsey Dulaney
Comcast Corp. on Monday tapped Carlyle Group L.P. executive
Michael J. Cavanagh as its next chief financial officer, replacing
Michael J. Angelakis, who is leaving to lead a joint investment
company with Comcast.
Comcast said in March that it would create a $4.1 billion
investment company in partnership with Mr. Angelakis to hunt for
growth at home and abroad as the U.S. cable market matures. Mr.
Angelakis stepped down as CFO to become the new company's chief
executive. He will become a senior adviser to Comcast.
Mr. Cavanagh joined private-equity firm Carlyle last summer as
co-president and co-chief operating officer. He was previously a
top J.P. Morgan Chase & Co. executive, serving as its finance
chief for nearly six years.
At Carlyle, Mr. Cavanagh received compensation valued at $31.2
million in 2014, much of which stems from stock awarded when he was
hired. He also received a $5 million bonus.
Before that, Mr. Cavanagh's decision last year to leave his job
as co-head of J.P. Morgan's Wall Street operations was a shock to
many in the company. Mr. 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.
Mr. Cavanagh's appointment comes after Comcast's $45.2 billion
deal to buy Time Warner Cable Inc. fell apart last month amid
increasing pressure from regulators.
Earlier this month, the company reported better-than-expected
profit and revenue growth as the broadband business more than made
up for a surprise loss of video customers in the first quarter.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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