Comcast Corp. promoted Mike Cavanagh, a former Wall Street banker, to president of the Philadelphia telecom and entertainment company, the company said Wednesday. He is the first executive to hold the title outside the Roberts family.
Cavanagh's promotion takes place at a tenuous time for Comcast with its stock price declining considerably over the last year as it looks for new areas of growth and lags in entertainment streaming. The global economy also faces a potential recession.
Comcast stock traded just below $29 a share on Wednesday at noon. It peaked in August 2021 at around $60 a share.
