Comcast Corp. has promoted Mike Cavanagh to be the company's third president in its 59-year history.

Cavanagh, 56, has served as CFO since 2015 and will continue in that role in addition to his promotion to president. Brian Roberts, Comcast's chairman and CEO, had previously held the title of president. Prior to Roberts becoming president in 1990, the title had been held by his father, Comcast founder Ralph Roberts, who was also chairman and CEO.

As president, Comcast (NASDAQ: CMCSA) says Cavanagh will "work closely with CEO Brian Roberts to manage the businesses and teams across the company."

Read more at Philadelphia Business Journal