"Comcast said on Monday it will appoint President Michael Cavanagh as co-CEO, adopting a dual chief executive model as the company prepares to spin off several NBCUniversal cable networks as part of a restructuring."
"Cavanagh will take up the new role in January and also join the company's board, serving alongside Brian Roberts, who will continue as chairman and co-CEO."
"He is the ideal person to help lead Comcast as we manage the pivot we are making to drive growth across the company,"
"Comcast plans to spin off its NBCUniversal cable channels, including USA Network and CNBC, into a new company called Versant later this year amid shifting market dynamics and growing interest in streaming platforms."
Comcast will appoint Michael Cavanagh as co-CEO in January and he will join the company's board alongside chairman and co-CEO Brian Roberts. The company plans to spin off its NBCUniversal cable channels, including USA Network and CNBC, into a new company called Versant later this year as part of a broader restructuring. Comcast is reorganizing its connectivity and platforms unit, eliminating a layer of management and cutting jobs to centralize operations. The company is working to turn around its broadband business amid intense competition from wireless telecom providers and has introduced national pricing, five-year price guarantees, and bundled mobile and broadband packages. Cavanagh joined Comcast as finance chief in 2015 and previously served as JPMorgan's CFO and co-head of its corporate and investment bank.
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