The Comcast is going through restructuring after a failed attempt to acquire Time Warner Cable. The company recently appointed Michael J. Cavanagh as its Chief Financial Officer. Mr Cavanagh has a history of being prominent Wall Street figure and faces a tough challenge ahead to revive company from the failure of $45 billion merger. The Carlyle Group, a New York-based global asset management firm was his previous employer.
He worked as a co-president and co-chief operating officer there. On a new job, CFO will operate all his operations from Philadelphia headquarters of Comcast. The Michael J. Angelakis will finish his term as a CFO soon. He was holding the position since 2008. The Comcast has assigned Mr Angelakis a new mission to set up a new corporation with $4 billion support of the company. He has been instructed to make a strategic investment for the upcoming venture in the United States and overseas. The Comcast also wants to keep him as a senior adviser to ensure smooth management transition.
The Chief Executive Officer Brian L. Roberts of Comcast praised the new appointee by calling him a world class executive with significant leadership experience. He further added that Mr Cavanagh has been handling complex businesses like Comcast for years. The influence of the new Comcast CFO is quite visible on the Wall Street. His solid background in handling private equity at Carlyle will come handy in working at Comcast. Mr Cavanagh used to work at JPMorgan Chase in the operating committee. He left the job after 10 years there to work at Carlyle.