Comcast Extends Michael Cavanagh’s Contract Through 2029, Grants Exec Stock Worth $35 Million

Michael Cavanagh, as he’s set to assume the role of Comcast‘s co-CEO on Jan. 2, extended his employment contract with the cable and media conglomerate that runs through Jan. 1, 2029.

Under the terms of the agreement, Cavanagh will be entitled to an annual base salary of $2.75 million and annual performance-based cash bonus target will continue to be 300% of his base salary.

In addition, Comcast awarded Cavanagh performance-based restricted stock units valued at about $35 million, which will vest after a three-year period (upon satisfaction of both time-based and performance-based conditions), the company disclosed in an SEC filing.

Next month, Cavanagh will become co-CEO of Comcast alongside Brian Roberts, son of Comcast’s founder and the company’s chairman. It’s a move that seems to set a succession plan for Roberts’ role as CEO.

Also next month, Comcast is spinning off CNBC, MS NOW (formerly MSNBC), USA, Oygen, E!, Syfy, Golf Channel and other businesses into a new publicly traded company called Versant, a transaction that will close Jan. 2. The goal of the spin-off is to unshackle the NBC broadcast and Peacock streaming businesses from the declining cable TV networks. Comcast was among the bidders for Warner Bros. Discovery’s streaming and studios business; WBD went with Netflix’s offer, although now Paramount Skydance is pursuing a hostile takeover effort.

Cavanagh joined Comcast in 2015 as chief financial officer, before rising to president in October 2022. He previously spent more than two decades in financial services, including as co-CEO of JPMorgan Chase’s corporate and investment bank. He also served as JPMorgan Chase’s CFO for six years, helping the company “successfully navigate the financial crisis.”

Cavanagh’s presence has grown at Comcast in recent years. He took on oversight of operations at NBCUniversal after the exit of former CEO Jeff Shell even as he maintained his larger corporate duties.