David Novak, co-founder of the fast-food giant behind KFC, Pizza Hut and Taco Bell, was named chairman of the company that will be formed by Comcast‘s decision to spin off the many cable networks of NBCUniversal.
“As Comcast separates this business, we’re excited that SpinCo will have the talent and success of David Novak as its new Chairman,” said Brian L. Roberts, Chairman and CEO, Comcast Corporation, in a statement. “With David’s track record of driving growth and value creation at public companies, he is the ideal person to assemble and lead a world-class board. David has been an invaluable member of Comcast’s board and widely recognized as a top CEO – I’m confident that he will work with Mark Lazarus to give the new company a distinct advantage from day one.”
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Novak will assume the role upon completion of the spin-off, which is slated to take place in 2025, and will leave Comcast’s board of directors, which he has been part of since December 2016.
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“This is a unique opportunity to build around SpinCo’s incredible portfolio of assets alongside some of the top talent in this ever-evolving industry,” said Novak in a statement. “I look forward to working closely with Mark and the rest of the leadership team to create the leading independent, modern media company.”
The publicly traded spin-off will house cable networks including MSNBC, USA and CNBC, along with a handful of digital properties. Its assets are projected to generate $7 billion in annual revenue.
More to come
