Comcast president Mike Cavanagh wasted no time in making his mark on NBCUniversal. Yesterday, he announced a major shake-up of the company’s senior management team. Promotions were given to Donna Langley, Mark Lazarus, and Cesar Conde, while Susan Rovner, chairman of entertainment content for NBCU television and streaming, made a high-profile exit.
One interesting change in the new organizational structure is Langley’s dual role overseeing both film and TV. Typically, companies of NBCU’s size keep film and TV separate, but the lines between them are becoming increasingly blurred. In a memo to staff, Cavanagh stated that Langley will leverage her relationships with the creative community to develop a seamless cross-portfolio creative strategy.
The company is also creating the NBCUniversal Studio Group, which will be led by Langley. Lazarus will head the Media Group, and Conde will oversee an expanded News Group. Mark Woodbury will be the fourth direct report to Cavanagh, responsible for the Universal Destinations & Experiences Group.
Cavanagh’s memo also confirmed that he will continue to lead NBCU as President of Comcast and will not appoint a new CEO. This reaffirms his earlier statement that he plans to stay at the helm for the foreseeable future.
Cavanagh, a highly respected executive, joined Comcast in 2015 as CFO and played a crucial role in the company’s major acquisitions. His financial expertise has been invaluable, especially during the challenges posed by the COVID-19 pandemic.
Wall Street holds Cavanagh in high regard, recognizing his strategic abilities and steady leadership. His deep understanding of NBCU’s financials informed the executive overhaul, which aims to streamline operations and navigate the changing landscape of the media industry.
While Comcast shares experienced a slight dip in Thursday’s trading, this was likely due to the overall market sentiment influenced by a lackluster jobs report. Investors will be eagerly awaiting the company’s second-quarter financial results on July 27, where Cavanagh will provide further insights into the business and the new executive team at NBCU.
