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Comcast CFO to Step Down and Run $4 Billion Investment Arm for Comcast

The cable giant is funding the departing CFO’s new investment firm.

Comcast

Comcast Chief Financial Officer Michael Angelakis is leaving the cable giant to launch a new Comcast-funded investment company that will focus on investing and operating “growth-oriented” companies, the company said Tuesday.

Comcast* will invest $4 billion in the new venture, while Angelakis and his future partners will cough up a combined $100 million, the company said in a statement.

Before joining Comcast in 2007, Angelakis was a managing director at Providence Equity Partners, a tech- and media-focused private equity firm.

The timing of Angelakis’s departure from Comcast into the new spinoff seems somewhat unusual, considering the cable giant still hasn’t nailed down its $45 billion acquisition of Time Warner Cable. The deal is still awaiting regulatory approval, but company executives remain confident it’ll close by this summer. Public companies also need to disclose hiring announcements ahead of any search for a named officer of the company, which partly explains the timing of Angelakis’ move.

Critics of the Comcast’s merger with Time Warner Cable have pointed to customer service complaints as well as concerns the combined company could control as much as 40 percent of the broadband market. Comcast has said the deal won’t impede competition in any way.

“As Comcast approaches the completion of the Time Warner Cable merger and related transactions, and the integration plans are well advanced, Michael is ready and excited to turn his attention to the next phase of his career and relationship with Comcast,” Comcast CEO Brian Roberts said in the statement.

The company said Angelakis will continue to advise Comcast while it searches for a new CFO.

* Comcast owns NBCUniversal, which is a minority investor in Revere Digital, Re/code’s parent company.

This article originally appeared on Recode.net.