Comcast appoints Armstrong as new CFO

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, initially serving as head of Investor Relations and Finance before taking on a role as CFO of Comcast’s U.K. subsidiary Sky in early 2020. However, his time there was short-lived due to the Covid-19 pandemic and in mid-2020 he returned to Comcast to serve as corporate EVP and Treasurer. He was promoted to Deputy CFO in January 2022, gaining oversight of Comcast’s capital formation and allocation, credit-related matters and investment activities.

Before joining Comcast, Armstrong served as a managing director at Goldman Sachs for 13 years, working across the Cable, Telecom Services, Satellite, Wireless Towers and Data Center sectors, his LinkedIn profile shows.

His appointment comes after Cavanagh was promoted to President in October, leaving the CFO post up for grabs. Analysts said at the time the move marked Cavanagh as the “heir apparent” to Comcast CEO Brian Roberts, though the company has given no indication that Roberts plans to retire.

Cavanagh said in a statement Armstrong is “ideally suited” for the CFO role, adding he is a “is a trusted voice in the financial community” and has already played “a pivotal role in shaping our long-term strategy.”

The transition comes as Comcast prepares to spend big on a multi-year network update. The company has already begun working on mid-split upgrades to roll out faster speeds and is aiming to launch DOCSIS 4.0 in the back 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.