By Will Feuer

Comcast Corp. said it has named Jason Armstrong as its chief financial officer, succeeding Mike Cavanagh, who was recently named president of the company.

Mr. Armstrong has worked at the cable and entertainment giant in various finance roles for about nine years, and most recently served as deputy CFO of the company. Mr. Cavanagh had served as CFO of Comcast since 2015, and was named to the additional post of president in October.

The elevation of Mr. Armstrong comes as the cable and media sector faces a rapidly shifting landscape. Many cable providers face cord-cutting customers amid heightened competition from streaming services.

Comcast's investments in growing its streaming service, Peacock, has also weighed on profitability in the company's media business. A recent deterioration in the ad market amid uncertainty over the economic landscape is also weighing on media companies.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 06, 2023 09:32 ET (14:32 GMT)

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