Comcast’s Michael J. Cavanagh is the highest paid Chief Financial Officer in the United States at a publicly traded company. Cavanagh began working for the company in May 2015. The CFO’s compensation for 2015 included:
The CFO’s compensation for 2015 included:
- A $1.8 million salary
- $16.5 million in stock awards
- $4 million in option awards
- A $6 million cash bonus
- $11.8 million in deferred compensation
The compensation totals out at $40.6 million for the eight months Cavanaugh spent with the cable company in 2015. The CFO joined Comcast after the collapse of the company’s $45.2 billion proposed takeover of Time Warner Cable Inc, notes the Los Angeles Times.
Regulatory hurdles ultimately prevented the deal from going through, since federal regulators signaled that they would block the combination. Rather than earning money through the acquisition, Comcast was forced to look for other ways to grow, from mobile communications options to expanding overseas.
Along with eclipsing other CFOs, Cavanagh’s compensation for 2015 was higher than Comcast Chairman and CEO Brian Roberts, who earned $36.2 million. It was also higher than president and CEO of NBCUniversal Stephen B. Burke. Burke received $33.7 million, according to Bloomberg.
Before he joined Comcast, Michael J. Cavanagh spent less than a year at private equity firm Carlyle Group LP where he served as co-president. Previously, the CFO spent more than two decades as a close deputy to JPMorgan Chase & Co. CEO Jamie Dimon.
Despite the merger falling through, Comcast had a strong year in 2015. The company grew its revenue by 8 percent to $74.5 billion. It also posted an 8 percent increase in operating cash flow. The cable provider also reported 1.4 million new high-speed internet customers, although it lost 36,000 video customers. Still, that loss pales in comparison to the 194,000 video subscribers it lost the previous year.
The Comcast CFO’s compensation was outlined Friday in an analysis by Bloomberg News, as well as a summary compensation table Comcast supplied in a proxy statement.