02:48 PM EDT, 09/29/2025 (MT Newswires) -- Comcast ( CMCSA ) said Monday it has appointed President Michael Cavanagh as co-chief executive and a board member, starting next year.

Cavanagh will share the co-CEO title with Brian Roberts, who will continue as chairman, the media and connectivity giant said. Cavanagh joined the company in 2015 as chief financial officer.

"He is the ideal person to help lead Comcast ( CMCSA ) as we manage the pivot we are making to drive growth across the company," Roberts said in a statement.

Comcast ( CMCSA ) shares were down 0.2% in Monday late-afternoon trade. The stock has lost about 16% in value so far this year.

"It is an honor to work with (Roberts) and the entire Comcast NBCUniversal leadership team during this exciting and transformative time in our industry," Cavanagh said.

Cavanagh had long been considered as Roberts' replacement at Comcast ( CMCSA ) by industry insiders, CNBC previously reported.

In late July, Comcast ( CMCSA ) logged second-quarter financial results that came in stronger than Wall Street's estimates as the company reported the biggest quarterly jump in wireless subscribers on record.

"We're pleased with the early progress we are seeing with our go-to-market pivot in residential broadband," Roberts said at the time.

Comcast ( CMCSA ) is scheduled to report third-quarter results Oct. 30.

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