Comcast looked within to find its next CFO, promoting Deputy CFO and Treasurer Jason Armstrong to the post to succeed previous finance chief Mike Cavanagh.
Armstrong joined Comcast in early 2014 as head of Investor Relations and Finance before becoming CFO of Comcast’s U.K. subsidiary Sky in early 2020. However, his term there was cut short owing to the Covid-19 pandemic, and he returned to Comcast in mid-2020 to serve as corporate EVP and Treasurer. In January 2022, he was appointed to Deputy CFO, with responsibility for Comcast’s capital formation and allocation, credit-related problems, and investment activities.
Armstrong spent 13 years as a managing director at Goldman Sachs, working throughout the Cable, Telecom Services, Satellite, Wireless Towers, and Data Center industries, according to his LinkedIn page.
His appointment follows Cavanagh’s promotion to President in October, which left the CFO position open. Analysts stated at the time that Cavanagh’s appointment put him as the “heir apparent” to Comcast CEO Brian Roberts, though the corporation has given no hint that Roberts intended to quit.
Armstrong, according to Cavanagh, is “perfectly prepared” for the CFO post since he “is a trusted voice in the financial industry” and has already played “a vital role in establishing our long-term strategy.”
The change comes as Comcast plans to invest heavily in a multi-year network upgrade. The company has already begun working on mid-split upgrades to bring out faster speeds and plans to deliver DOCSIS 4.0 in the second half of 2023. Comcast executives have said they expect to be able to upgrade the network at a cost of less than $200 per passing.