Last year, Michael J. Cavanagh shocked Wall Street when he decided to move on from JPMorgan Chase & Co. (NYSE:JPM). Well, now he has joined Comcast Corporation (NASDAQ:CMCSA) and will take up the position of the Chief Financial Officer.
When Cavanagh switched lanes from J.P. Morgan, he was offered a position at The Carlyle Group LP (NASDAQ:CG). He did not take long before he moved to Comcast. In fact, it took less than a year.
The move from J.P. Morgan came as a shock for one main reason. For a long time, folks in the corporate and financial world thought that Cavanagh would become the successor to J.P. Morgan’s current executive. He joins the Cable Company as the firm tries recovers from its $45.2 billion failed bid to buy Time Warner Cable Inc (NYSE:TWC).
In a statement on Monday, Cavanagh said that he could not pass up the opportunity offered to him by Comcast, which is the biggest cable TV and broadband company in the USA. He is set to take up his new position starting June 6. His working contract will be valid until 2019.
The 49-year-old executive has had a wonderful and fulfilling career so far. He is one of the most successful and worthy leaders. This is evident by how much he has been sought after by high profile companies. Since the summer of 2014, he has been working alongside Glenn Youngkin. The two have been manning the helm of the private company as co-executives.
Despite the impressive career path and exciting opportunities presented to him, Cavanagh knows that the path ahead of him is not going to be easy. His new position has a few challenges. The company’s competition has been stiff, and the company has also been losing its client as a result of dropped subscriptions.
Cavanagh must, therefore, come up with a solution to spearhead the company out of the hard times it has been experiencing. He will receive a base salary of $1.8 million along with other bonuses and packages that will be part of the deal that he will sign up for.