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COMCAST CORP 8-K Report, Executive Changes (May 11, 2015)

Reports
Leadership Changes·Exhibits & Filings
Filing Date
Filed May 11, 2015
Period End
May 10, 2015
Securities
CMCSACCZ
In the record · 2016–202610-K1110-Q328-K167

CMCSA filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 167 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’16May ’16
  2. Leadership change8-K · Dec ’18Dec ’18
  3. Material agreement8-K · Mar ’21Mar ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Abstract

Summary

Summary of the 8-K filed May 11, 2015. Cited figures are marked; the original filing is the authoritative source.

Comcast Corporation (CMCSA) announced a significant change in its executive leadership with the appointment of Michael J.

Cavanagh as Senior Executive Vice President and Chief Financial Officer, effective by July 6, 2015. This transition involves Michael J. Angelakis stepping down from his CFO role to serve as a Senior Advisor, aiding in the transition.

Mr. Cavanagh brings substantial financial experience from his previous roles at The Carlyle Group and JP Morgan Chase & Co., including extensive experience as a CFO and in investment banking. Investors should note the terms of Mr. Cavanagh's employment agreement, which includes substantial signing bonuses in the form of restricted stock units valued at $10 milliona and $2.5 million, along with a $10 million contribution to a deferred compensation plan. His 2015 compensation will be prorated, with a base salary of $1.8 million and a significant bonus opportunity.

The agreement also outlines post-termination benefits and includes standard restrictive covenants. This appointment signals a new phase for Comcast's financial leadership and strategy.

02—Key points

Key Highlights

  1. Michael J. Cavanagh appointed as new CFO, effective by July 6, 2015.
  2. Michael J. Angelakis transitions from CFO to Senior Advisor role.
  3. Cavanagh has extensive financial background from The Carlyle Group and JP Morgan Chase.
  4. Significant signing bonus for Cavanagh includes $10M restricted stock units vesting over 13 months.
  5. Additional performance-based restricted stock units totaling $2.5M with phased vesting.
  6. Substantial $10M contribution to Cavanagh's deferred compensation plan with clawback provisions.
  7. 2015 base salary set at $1.8M with a 300% cash bonus opportunity.

03—Questions

Frequently Asked Questions

  1. Who is the new Chief Financial Officer at Comcast?

    Michael J. Cavanagh has been appointed as the new Senior Executive Vice President and Chief Financial Officer. He is expected to assume his role by July 6, 2015.

  2. What is the compensation package for the new CFO?

    Mr. Cavanagh receives a signing bonus including $10 million in restricted stock units (RSUs) vesting after 13 months, $2.5 million in performance-based RSUs with staged vesting, and a $10 million deferred compensation contribution. For 2015, his base salary is $1.8 million with a bonus opportunity of 300% of his base salary. Future compensation through 2019 is also detailed.

  3. What happens to the previous CFO, Michael J. Angelakis?

    Michael J. Angelakis will step down as CFO and will serve as a Senior Advisor to Comcast. He will assist in the transition period for a mutually agreed-upon duration.

  4. Are there any clawback provisions in the new CFO's contract?

    Yes, the $10 million deferred compensation contribution is subject to a 100% clawback if employment is terminated by the company for cause or by him without good reason within the first 12 months, and a 50% clawback if such termination occurs between 12 and 24 months after employment begins.

04—Continue

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