Comcast said on Monday it will appoint President Michael Cavanagh as co-CEO, adopting a dual chief executive model as the company prepares to spin off several NBCUniversal cable networks as part of a restructuring.

Cavanagh will take up the new role in January and also join the company’s board, serving alongside Brian Roberts, who will continue as chairman and co-CEO.

Several high-profile firms such as Oracle and Netflix have adopted a co-CEO model to better manage their operations as they become more complex and globally diversified.

Comcast plans to spin off its NBCUniversal cable channels, including USA Network and CNBC, into a new company called Versant later this year amid shifting market dynamics and growing interest in streaming platforms.

“He is the ideal person to help lead Co

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