Brian Roberts (L) and Mike Cavanagh (R) attend the grand opening of the Universal Epic Universe on May 21, 2025, in Orlando, Fla. Getty Images for Universal Orlan
Comcast has announced a major leadership change ahead of the spinoff of most of its NBCUniversal cable networks by the end of the year. The company said Monday that longtime president Michael Cavanagh will be promoted to co-CEO in January 2026, sharing duties with Comcast’s current chairman and CEO, Brian Roberts.
Cavanagh, long seen as Roberts’ likely successor, joined Comcast as CFO in 2015. He was elevated to president in 2022, taking charge of NBCUniversal’s film, TV and theme park businesses. His upcoming promotion puts him at the helm of one of the world’s largest telecom and media conglomerates.
“Since joining Comcast a decade ago, Mike has proven himself to be a trusted and collaborative leader,” Roberts said in a statement, adding that he and Cavanagh work “seamlessly” together. “He is the ideal person to help lead Comcast as we manage the pivot we are making to drive growth.”
The shakeup comes during a challenging period for Comcast, whose stock is down about 15 percent this year. The company faces accelerating broadband losses, continued erosion of cable TV and persistent streaming competition. While NBC-owned Peacock is narrowing its financial losses, the service remains unprofitable even as the wider streaming sector shifts its focus from growth to profitability.
NBCUniversal, meanwhile, is preparing to spin off a large chunk of its cable networks and digital assets into a new publicly traded company, Versant Media Group, by the end of this year. The separation will leave Comcast more concentrated on businesses such as Peacock, its theme parks and its broadband operations.
Comcast’s incoming dual-leadership structure could, in theory, bring both fresh thinking and stability, pairing Cavanagh’s operational expertise with Roberts’ long-term vision. Similar co-CEO models across corporate America provide a template for how things might unfold.
The rise of the dual-leadership structure
Netflix adopted this approach in 2020, when founder Reed Hastings named content chief Ted Sarandos co-CEO. Sarandos was later joined by Greg Peters after Hastings stepped down in 2023. That arrangement reflected Netflix’s dual identity as a tech and content company.
Other major corporations, including private equity giant KKR and software powerhouse Oracle, have also embraced co-CEO setups. The latest to join the group is Spotify, which announced a dual-CEO leadership today (Sept. 30) as its founder, Daniel Ek, steps back to an executive chairman role. Advocates say the structure allows leaders to divide responsibilities according to their strengths—especially valuable during times of disruption. A 2022 Harvard Business Review study of 87 public companies found co-CEO arrangements generated an average annual shareholder return of 9.5 percent, compared with 6.9 percent for companies led by a single CEO.
“They can be in two places at once—literally,” the HBR study noted. “They can form a left-brain/right-brain partnership. One CEO can focus on technology-driven transformation while the other attends to more-traditional aspects of the business, such as marketing, finance and operations.”
Roberts and Cavanagh’s long working relationship could make for a smoother transition as Comcast adopts the co-CEO model.
“Comcast is a special company with exceptional businesses and an incredible team,” Cavanagh said Monday. “It is an honor to work with Brian and the entire Comcast NBCUniversal leadership team during this transformative time in our industry.”
