Comcast said Michael Angelakis will step down as chief financial officer to be CEO of a separate entity designed to invest and operate growth companies.
The cable giant's move to create "a new strategic company" highlights how the acquisition of Time Warner Cable will make it too large to nurture growth businesses.
In a statement, Comcast CEO Brian Roberts said the new company will be able to "establish entrepreneurial ventures" that will drive growth and align with the cable giant's strategic goals.
Angelakis will lead a company focusing on both U.S. and international growth companies. And he has some funds in hand. The new company will have capital of $4.1 million with $4 billion coming from Comcast and at least $40 million from Angelakis. For 10 years, the investment arm will have Comcast as its sole investor.
In filings with the Securities and Exchange Commission, Comcast called the new company ABCCo, but it will presumably have a new name at some point. According to the filing the new company will "pursue investment and operating opportunities in public and private entities globally, in a range of industries and business sectors." Comcast added that some of the investments may be "non-core" to the cable giant.
Angelakis, who has had stints in private equity and portfolio management, structured both the NBCUniversal and Time Warner Cable purchases as well investments in QVC.
Comcast said it has started the hunt for a new CFO.