Comcast hires one of the renowned personalities on Wall Street and the company offers him a very generous compensation package.
Last week Comcast Corp announced that it has appointed Carlyle Group L.P Michael J. Cavanagh as the new chief financial officer, replacing Michael J. Angelakis, who would be now looking after joint investment company with Comcast.
Mr. Cavanagh is known for its strong personality on Wall Street. He joins Comcast after spending one at Carlyle , which is one of the leading private equity firm in the industry , as co- president and then later on become one of the heir to the private equity firm's founder.
Mr. Cavanagh has also spent around 10 years at JP Morgan Chase as a part of the operating team . He contributed his six years as chief financial officer at a very crucial time during financial crisis and as a close lieutenant to Jamie Dimon , the chief executive. , he played a very important role to get the bank through some of its worst times, which also includes the " London whale" investigation.
He comes after Michael J Angelakis, who has been with Comcast working as chief financial officer since 2008. This year the company announced that Mr Angelakis will now be heading a Comcast-backed company with the goal investments of United states and internationally with $4 billion in financing. Now he will be working as a senior consultant to Comcast and will contribute his expertise in the company's management.
Comcast Chairman and CEO Brian L. Roberts said, "I'm so thrilled Mike [Cavanagh] is joining our team. 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."
According to the filing on Monday, the new CFO compensation package includes a stock award of $2.5 million while also $!0 million restricted-stock signing bonus , however both will be judged on performance He will be receiving $1.8 million salary and will also be granted with $10 million contribution to the firms deferred compensation plan. Mr. Cavanagh is also entitled to avail a cash bonus of 5.4 which is three times his base salary.
Mr. Cavanagh has completed its bachelor's degree from Yale University. He is also a part of foreign relations council and also serves on the board of Yum brands.