By Hadassa Kalatizadeh
On Monday December 16th, NBC Universal announced that CEO Steve Burke will be retiring early. Burke will leave the company on Aug. 14, 2020, following the network’s anticipated coverage of the Tokyo Summer Olympics. The CEO’s contract with the company doesn’t end till August 2020. As reported by yahoo News, even before his exit, he will be replaced by a new CEO, Jeff Shell, as of Jan. 1, 2020. When the New Year rings in, Burke’s own title will be switched to chairman.
“I cannot thank Steve enough for the incredible impact he has had on this entire company,” said Brian Roberts, Comcast chairman and CEO, in a statement on Monday. “I will miss Steve’s trusted partnership, and I know I speak for both myself and my late father Ralph when I say that we will be forever grateful to him for shaping first Comcast and then NBCUniversal into the great companies they are today. When Comcast acquired NBCUniversal in 2011, I never imagined it would become the fastest growing media company. Steve’s leadership and the team that he built has had everything to do with this outstanding performance.”
Burke, 61, entered the role of CEO in 2011, when Comcast took over NBC Universal’s assets in its memorable deal with General Electric. He had formerly served as Chief Operating Officer of Comcast. NBCUniversal’s revenue rose during Burke’s leadership to nearly $35.9 billion in 2018, up from about $31.4 billion in 2016, as per filings with the Securities and Exchange Commission. Burke was paid roughly $39.9 million last year.
Shell was the expected and logical replacement for Burke. Shell is now the chairman of NBCUniversal Film and Entertainment. Burke had reportedly given Shell a larger portfolio in January when he reorganized the network’s leadership. Shell currently oversees the company’s film and network television businesses including NBC Entertainment, Universal Filmed Entertainment Group (UFEG), Telemundo and NBCUniversal International. “Jeff Shell is the ideal executive to take the helm at NBCUniversal,” Roberts said in his statement. “He has a stellar track record across both the film and TV side of the business, as well as a wealth of international experience. I have worked closely with Jeff for many years and he is an extraordinary leader who inspires loyalty, delivers strong results and cares deeply about our company, its employees and partners. I could not be more confident in his ability to lead NBCUniversal into the future.”
Variety was the first to report that Burke may leave earlier in the year. The NY Post connected the news to allegations that Burke may have known about sexual harassment problems at NBC News back in 2015, two years before “Today” host Matt Lauer was fired over alleged sexual misconduct. Those allegations, which were made by Journalist Ronan Farrow in his book “Catch and Kill”, have been denied by NBC Universal and Burke. The company has said Lauer was fired only a day after they found out.
“It has been a privilege to work so closely with Brian for the last 22 years, and particularly to have had the opportunity to lead NBCUniversal for the last nine,” Burke said. “This is a very special company and I am proud of the people I have worked with and the things we have accomplished together. While this has been a dream job, it has always been my plan to hand off the baton at the right moment and move on to the next chapter of my life where I can pursue a different set of interests. It is great to know I am leaving the company in terrific hands with Jeff, who is the right leader to usher in the next phase of growth and success for NBCUniversal.”
In January 2020, when Shell is named CEO, he will continue to report to Burke. After Burke steps down, in the summer, Shell will begin reporting directly to Brian Roberts. “It is truly an honor to step into this role, and I am excited that Brian and the Comcast board are giving me the incredible opportunity to help steer the future of NBCUniversal,” Shell said. “I’m sincerely grateful to Steve, who has been an amazing boss and mentor for the last 15 years and leaves behind an extraordinary legacy of visionary leadership and success. I look forward to building on this strong track record and partnering with the many talented leaders across the company.”
