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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 Comcast as we manage the pivot we are making to drive growth across the company,” Roberts said in a statement. Comcast is also planning a restructuring of its largest business unit, connectivity and platforms that includes Xfinity internet, mobile and pay TV services, Reuters reported earlier this month. It plans to eliminate a layer of management and cut jobs as part of efforts to centralize operations. The company is also working to turn around its broadband business, which has faced intense competition from wireless telecom providers that are aggressively promoting internet and mobile bundle deals. Comcast has responded by introducing national pricing, five-year price guarantees, and bundled mobile and broadband packages. Cavanagh joined Comcast as its finance chief in 2015. He was previously also the JPMorgan’s CFO for six years, and co-head of the financial giant’s corporate and investment bank. Harshita Mary Varghese, Reuters
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E-Commerce
CSX railroad announced Monday that it had replaced its CEO less than two months after an investment fund urged it to either find another railroad to merge with to better compete with the proposed transcontinental Union Pacific railroad or fire outgoing CEO Joe Hinrichs. The outgoing CEO, who came to the railroad in 2022 after a long career with Ford, focused on repairing CSX’s relationship with its workers and labor unions and unifying the team after a bitter contract fight. But Ancora Holdings, which helped spur major changes at Norfolk Southern, said CSX’s operating performance deteriorated significantly under Hinrichs’ leadership. Hinrichs resigned to clear the way for Steve Angel to become CEO effective Sunday. Angel, 70, also comes from outside the rail industry although earlier in his career he oversaw GE’s locomotive building unit, so he does have that experience. CSX said he has 45 years experience leading large public companies, including most recently as CEO of Linde and Praxair. We are excited to welcome Steve as our new CEO. He is a visionary in creating long-term value and an expert in guiding companies through significant transformation,” the railroad’s board Chairman John Zillmer said. CSX has been under pressure from Ancora and other investors since Union Pacific announced its $85 billion deal to acquire Norfolk Southern, which is CSX’s rival in the eastern United States. But both BNSF and CPKC railroads said they aren’t interested in a merger right now. Ancora said CSX has delivered disappointing shareholder returns and poor financial performance during Hinrichs’ tenure. But over the past year, CSX was working on two major construction projects repairs from Hurricane Helene and a major tunnel renovation in Baltimore that disrupted the railroad. Both those projects were just completed this month, so CSX’s performance was expected to improve in the fourth quarter. Angel promised to make improvements at the Jacksonville, Florida-based company, which is one of the six largest railroads in North America. My top priorities will be to ensure the safety of the railroad and our employees, deliver reliable service to our customers, and increase value for our shareholders, Angel said in a statement. Josh Funk, AP transportation writer
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E-Commerce
Lufthansa announced on Monday it plans to cut thousands of workers as it aims to increase profitability and efficiency, in part by relying more heavily on artificial intelligence. The airline group said it will eliminate a total of 4,000 jobs worldwide by 2030, the majority of which will be in Germanywith a focus on administration roles, not operational ones. “The Lufthansa Group is reviewing which activities will no longer be necessary in the future, for example due to duplication of work,” the company said in a statement. “In particular, the profound changes brought about by digitalization and the increased use of AI will lead to greater efficiency in many areas and processes.” (The Lufthansa Group includes Germany’s Lufthansa, in addition to Austrian Airlines, Swiss, Brussels Airlines, and ITA Airways, the successor to Alitalia.) That restructuring will include the largest fleet modernization in the company’s history. To that end, the Lufthansa Group expects to add more than 230 new aircraft by 2030, including 100 long-haul aircraft. The Cologne-based German carrier said it plans to invest in the growth of its core business, expanding locations and its international presence, including in Canada and Portugal. It also plans to extend its digital business models, as part of its Ambition 2030 program. The changes are expected to significantly increase revenue and profit by 2030. The airline also set new financial targets for 2028 to 2030, saying it expects its adjusted operating margin to reach 8-10% and over 2.5 billion euros in adjusted free cash flow per year. Lufthansa, like a number of companies including Klarna, Duolingo, and Salesforce, has recently turned to AI. Some of those companies even instituted AI-first workplaces as a way of slashing workforces toward greater profitabilitybut not without some missteps. According to a recent Nexford University survey, in the past year, around 65% of companies conducted layoffs, with 68% of companies identifying cost-cutting as the culprit, and 27% citing AI adoption. Lufthansa financials Lufthansa reported strong Q2 2025 results with considerable year-on-year growth, including a 27% increase in its operating profit compared to 2024, and a 3% increase in revenue (from 10 billion to 10.3 billion). Last year, Lufthansa increased its revenue by six percent year-on-year to EUR 37.6 billion as it offered more flights, making it the highest revenue in its history. However, the operating profit (adjusted EBIT) was EUR 1.6 billion, compared with EUR 2.7 billion the previous year, as the airline faced strikes and higher global costs. Lufthansa (Deutsche Lufthansa AG), which is traded under the stock ticker LHA on the Xetra and Frankfurt Stock Exchanges, closed up slightly on Monday.
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E-Commerce
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