Comcast president Mike Cavanagh has inked a contract extension with the cable and media giant, just days before he is set to be promoted to co-CEO of the company alongside Brian Roberts. The company had previously announced the promotion at the end of September.
Comcast disclosed the contract Tuesday evening in an SEC filing.
Cavanagh’s new contract runs through 2028, and includes a salary bump to $2.75 million per year (up from $2.5 million currently), and a target cash bonus of 300% of the salary (that’s $8.25 million). He also received $35 million in performance-based restricted stock units.
His total compensation last year was $28.3 million, per filings.
Cavanagh is set to become co-CEO Jan. 1, just ahead of Comcast’s planned Versant split, which is slated to be finalized the following week. It’s a big job for the former JPMorgan banker, who was previously CFO and was more recently upped to president of the company. Comcast is still controlled by the Roberts family.
But he has effectively run NBCUniversal since the exit of Jeff Shell a couple years ago, and helped oversee launches like Epic Universe earlier this year, as well as a planned push into the U.K.
“Since joining Comcast a decade ago, Mike has proven himself to be a trusted and collaborative leader,” said Roberts in a statement when Cavanagh was first named co-CEO. “He is the ideal person to help lead Comcast as we manage the pivot we are making to drive growth across the company. Mike and I work seamlessly together, and I am thrilled to be partnering with him as Co-CEO and with the rest of our talented management team, for years to come.”
The new deal just solidifies that partnership.
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