Comcast has disclosed contract terms for Michael Cavanagh, a longtime exec who was promoted to president last October.
The agreement will keep Cavanagh in the fold through December 31, 2027 (a fairly routine 5-year term), at an annual base salary of $2.5 million, which takes effect on March 1. Cavanagh also got the grant of a performance-based option to buy 2 million shares of the Company’s Class A common stock, with an aggregate grant date fair value equal to $14.8 million.
The promotion made Cavanagh just the third exec ever to hold the title of president at the nearly 60-year-old, Philadelphia-based media giant. He works closely with CEO Brian Roberts to manage the company’s businesses. After the promotion, he is remaining CFO.
In 2021, Cavanagh’s total compensation was $27.4 million, the company reported earlier this year.
The Performance Award, which is the company’s designation for the performance-based stock option, “is designed to ensure leadership continuity over the longer term,” the filing said, “enhance retention in response to increasing competition for high-performing talent and incent company financial performance by aligning compensation with rigorous performance targets that drive long-term shareholder value creation.”
Cavanagh joined Comcast seven years ago as CFO, following a stont as co-president and co-COO of The Carlyle Group, a leading global asset manager. He previously spent 20 years in the financial services sector, most recently as Co-CEO of JPMorgan Chase’s Corporate & Investment Bank. He co-led investment banking, cash management, investor services and the largest global markets and trading business in the world, departing in 2014.