Comcast president Mike Cavanagh will permanently replace ousted NBCUniversal CEO Jeff Shell, an insider confirmed to TheWrap, while retaining his title as president of Comcast. Shell’s direct reports will now report to Cavanagh.
Cavanagh, who was named president in October 2022, joined Comcast in 2015 as the company’s chief financial officer after spending more than 20 years in the financial services industry. Immediately prior to joining Comcast, he briefly served as co-president and co-chief operating officer of The Carlyle Group, a leading global alternative asset manager.
Additionally, he served as co-CEO of JPMorgan Chase’s corporate & investment bank from 2012 to 2014, where he oversaw all investment banking, cash management, investor services and the largest global markets and trading business in the world. Before that, he served as JPMorgan’s chief financial officer for six years, helping the bank successfully navigate the financial crisis. In addition, at JPMorgan Chase and its predecessor firms, Mike held various key positions, including CEO of the firm’s Treasury & Securities Services division, head of strategy and planning, and chief operating officer of Middle Market Banking.
A statement released by the media conglomerate on Sunday noted that it mutually agreed to part ways with Shell “following the company’s investigation led by outside counsel into a complaint of inappropriate conduct.”
“We are disappointed to share this news with you. We built this company on a culture of integrity. Nothing is more important than how we treat each other. You should count on your leaders to create a safe and respectful workplace. When our principles and policies are violated, we will always move quickly to take appropriate action, as we have done here,” Cavanagh and Comcast chairman Brian Roberts said in a memo to employees. “Please know that NBCUniversal is performing extremely well operationally and financially, and we couldn’t be more enthusiastic about our position and prospects going forward. We are fortunate to have an experienced, world-class group of executives leading this incredible company.”
Following the initial announcement, Deadline reported that the employee involved was CNBC anchor and senior international correspondent Hadley Gamble, who is currently based in Abu Dhabi, according to a profile on CNBC’s website.
Shell’s relationship with her reportedly started about 11 years ago up until a couple of years ago when it ended. Shell was chairman of NBCUniversal International from 2011 to 2013.
Comcast declined to comment and Gamble did not immediately return TheWrap’s request for comment.
The departure comes as Comcast is gearing up to report its first quarter earnings for 2023 on Thursday. Shares of Comcast are trading flat following news of the executive shakeup.
Sharon Waxman contributed to this report