Comcast appoints President Michael Cavanagh as co-CEO to lead the company’s restructuring and spin off NBCUniversal cable networks. Cavanagh will join Brian Roberts on the board in January. This move follows the trend of high-profile firms like Oracle and Netflix adopting a co-CEO model for better management of complex operations. Comcast plans to spin off NBCUniversal cable channels into a new company called Versant, amidst growing interest in streaming platforms. The company also aims to restructure its largest business unit, connectivity and platforms, which includes Xfinity internet, mobile, and pay TV services, by centralizing operations and cutting jobs. Comcast is focusing on turning around its broadband business to compete with wireless telecom providers, introducing national pricing, five-year price guarantees, and bundled mobile and broadband packages. Cavanagh, who joined Comcast in 2015 as finance chief, brings experience from JPMorgan as CFO and co-head of the corporate and investment bank.

Read more at Yahoo Finance: Comcast names insider Michael Cavanagh as co-CEO ahead of cable spinoff