Cable Technology Feature Article
Comcast Promotes Avgiris to CFO at Cable Division
By Tara Seals, TMCnet Contributor
Hot on the heels of a good first-quarter earnings report, Comcast (News - Alert) Corp. has promoted Cathy Avgiris to CFO of Comcast Cable, effective July 1, 2013.
Avgiris is a 21-year Comcast veteran, and will succeed Dave Scott, who is retiring after 20 years with the company.
“Cathy brings broad operational expertise, a strong financial background and a deep understanding of our Company and our industry to her new role,” said Neil Smit (News - Alert), president and CEO of Comcast Cable. “She is an exceptional leader who has successfully managed some of Comcast’s largest and fastest-growing operations and I look forward to working with her as we continue to grow our business.”
The No. 1 cable MSO has been making a series of moves lately that are notable, like enabling IPv6 functionality across its broadband footprint and allowing the use of IPv6 addressing to deliver IP-based services as the available IPv4 address space approaches exhaustion. It’s also invested in Zeebox, the social TV app, and added encryption to its basic cable tier.
Comcast earnings for the first quarter of 2013 beat Wall Street analysts' estimates for Q1 2103, thanks in large part to its cable business. Price increases on cable TV helped boost numbers, with subscribers paying an average of $3.40 more per month compared to the same period last year. The company reported $1.65 billion in net income in Q1, up 13.7 percent year-over-year, on revenue of $15.3 billion.
Cable network revenue was up 4.6 percent to $2.2 billion, with operating cash flow up 6.2 percent to $859 million. Comcast also said that that affiliate fees also were up 8.6 percent, while ad price increases offset lower ratings to raise sales 2.5 percent.
And while Comcast lost 60,000 video customers in the year, reaching a total of 21.9 million at the end of March, it gained 433,000 broadband customers, to reach 19.8 million.
"This is such an exciting time for Comcast and I am thrilled to take on this new role as Chief Financial Officer,” said Avgiris. “We are shaping the future of so many industries - television, high-speed Internet, phone, home management, advertising - by bringing new, innovative products and services to residential and business customers. It's been a great experience to be a part of such a talented team and Company and I am confident we will continue to drive growth and success in the future.”
For now, Avgiris serves as executive vice president and general manager of communications and data services, leading Comcast’s XFINITY Internet, XFINITY voice and consumer wireless business. She’s also responsible for launching the Verizon (News - Alert) Wireless partnership, managing the company’s Internet Essentials program, which provides low-cost Internet service to low-income families, and overseeing Comcast’s Wi-Fi initiative.
During her tenure, Avgiris has also served as senior vice president and general manager of Comcast Digital Voice and senior vice president of finance for Comcast Cable, where she managed all financial and administrative activity for Comcast’s high-speed Internet and voice services.
Prior to joining Comcast in 1992, Ms. Avgiris spent 11 years in finance, serving as CFO of Drexel Industries and as an audit manager with Deloitte (News - Alert) & Touche.
Edited by Rachel Ramsey