Comcast Taps Private Equity Exec

Michael Angelakis will join as CFO from Providence Equity.
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Comcast (CMCSA) - Get Report named private equity investor Michael J. Angelakis co-chief financial officer.

The Philadelphia-based cable system operator said Angelakis has been a managing director of Providence Equity Partners. Comcast said the Angelakis will share the CFO post with John Alchin through 2007.

Comcast said the current co-CFOs, Alchin and Lawrence Smith, told Comcast last year that they were considering stepping down in 2007. Angelakis is expected to join the company at the end of the first quarter and to become the sole CFO in 2008.

"Mike Angelakis has an outstanding background in media, finance, management and deal making," said CEO Brian L. Roberts. "Providence Equity's track record in media investing is best in class, and Mike has played an integral role in that success for the past seven years. In addition, Mike's experience working with and serving on the boards of directors of various cable and media companies make him a perfect fit to help lead Comcast. We are delighted that he has decided to join us."