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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Emerging growth company
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Comcast Corporation (the “Company”) appointed Jason Armstrong to succeed Michael J. Cavanagh as the Chief Financial Officer of the Company, effective January 6, 2023. Mr. Cavanagh has resigned from the position as Chief Financial Officer. Mr. Armstrong will continue to serve in his role as Treasurer. Mr. Armstrong, age 46, has served as the Company’s Deputy Chief Financial Officer since 2022 and Treasurer since 2020. He has held various senior positions at the Company since joining in 2014, including as Chief Financial officer of Sky Limited and as Senior Vice President of Investor Relations.
In connection with his appointment as Chief Financial Officer, the Company has entered into a new employment agreement (the “Agreement”) with Mr. Armstrong pursuant to which Mr. Armstrong is entitled to an annual base salary of $1,800,000 and is also eligible for an annual performance-based cash bonus under the Company’s short-term incentive plan with a target bonus equal to 200% of his base salary. Under the Agreement, Mr. Armstrong is entitled to the severance benefits available to other executive officers of the Company if his employment is terminated by the Company without Cause or he resigns with Good Reason (as such terms are defined in the Agreement).
The foregoing description of the Agreement is a summary and is qualified in its entirety by reference to the full text of the Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022.
A copy of the press release issued by the Company on January 6, 2023, is attached as Exhibit 99.1 hereto.
Item 9.01(d). Exhibits
| Exhibit No. | Description |
| 99.1 | Press release dated January 6, 2023. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| COMCAST CORPORATION | ||||
| Date: | January 6, 2023 | By: | /s/ Elizabeth Wideman | |
| Name: | Elizabeth Wideman | |||
| Title: | Senior Vice President, Senior Deputy General Counsel and Assistant Secretary | |||
Exhibit 99.1
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PRESS RELEASE Comcast Corporation One Comcast Center Philadelphia, PA 19103 www.comcastcorporation.com |
COMCAST PROMOTES JASON S. ARMSTRONG TO CHIEF FINANCIAL OFFICER
PHILADELPHIA – January 6, 2023 – Comcast Corporation today announced Jason S. Armstrong has been promoted to Chief Financial Officer. Armstrong elevates to the position after serving nine years in several financial leadership positions at Comcast, including most recently as Deputy CFO and Treasurer. He succeeds Mike Cavanagh who was named President of the company in October.
“Jason is ideally suited to be our next Chief Financial Officer,” said Cavanagh. “He is a trusted voice in the financial community, has a great understanding of our company, and is well respected by our management team. Jason is already playing a pivotal role in shaping our long-term strategy and I couldn’t be more excited to partner with him going forward.”
As Deputy CFO, Armstrong oversaw the Treasury and finance functions at Comcast and managed the corporation’s capital formation, capital allocation, credit-related matters, and investment management activities, working closely with the management teams across Comcast Cable, NBCUniversal, and Sky. Before that, he served as Treasurer of Comcast, as Chief Financial Officer at Sky, and as head of Investor Relations and Finance at Comcast. Prior to joining Comcast in 2014, Armstrong spent 13 years at Goldman Sachs where he served as Managing Director and leader of the firm’s Cable and Telecommunications Research Group. He earned a B.S. degree in Economics from Duke University.
“I’m incredibly honored to have this role and to work alongside Brian and Mike and this exceptional team,” Armstrong said. “Comcast’s leadership, culture, strong financial position and commitment to innovation and growth attracted me here nearly a decade ago and continue to drive my excitement about the opportunities ahead of us.”
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.
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Media Contacts
| Jennifer Khoury | John Demming | |
| (215) 286-7408 | (215) 286-8011 | |
| Jennifer_Khoury@Comcast.com | John_Demming@Comcast.com |