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.
Mr. Cavanagh's decision to leave his job as co-head of J.P.
Morgan's Wall Street operations last year 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.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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