PHILADELPHIA _ The head of Comcast Corp.'s cable division, Neil Smit, will relinquish the post on April 1 and be replaced by longtime cable division executive Dave Watson.
In explaining the move, Smit, a 60-year-old former Navy Seal, cited health issues related to a "previous career" and the desire to spend more time with his family. His compensation was $51 million over the last two years, according to Comcast's filings with the Securities and Exchange Commission.
The cable division, based in Philadelphia, includes pay-TV, high-speed internet, phone, and the fast-growing business services operations.
Smit's replacement will be tasked with improving customer satisfaction and maintaining momentum in Comcast's pay-TV business, which in 2016 added subscribers for the first time in about a decade. Comcast also faces a slew of streaming services that offer alternatives to consumers dissatisfied with the legacy cable-channel bundle.
Watson takes the position at a time when industry observers believe Comcast may be allowed by federal regulators to make big acquisitions under the Trump administration. The Obama administration axed the company's megadeal with Time Warner Cable in 2015. Watson was not available for an interview, Comcast said.
Smit, an angular and athletic man who was uncomfortable speaking in public but well-liked inside Comcast, will help with the leadership transition. Then he will serve as vice chairman of Comcast, a position previously held by former chief financial officer Michael Angelakis. He'll also consult on technology.
Angelakis now runs a $4 billion Comcast-backed investment fund, with offices in suburban Philadelphia and New York.
Watson, 57, who joined Comcast as part of a cellular acquisition in the 1990s, assumes the new post as Comcast prepares to launch a wireless phone product this year, adding to its bundle of services.
Comcast officials said that Watson's experience with wireless had minimal impact on his elevation from the No. 2 executive in the cable division to No. 1 as chief executive officer and president.
Watson, who had been previously passed over to head the 91,000-employee cable division for Smit, said in a statement, "It's an honor to take the reins from Neil. I can't thank him enough for his partnership during the last seven years. Neil has taught us all lessons in leadership, team building, focus, and execution."
Continuing to report to Watson will be the cable business's three regional divisions _ in the West, Central-South and Northeast _ and the product-development team headed by Tony Werner. That team will be based in a new high-rise under construction next to the Comcast Center in downtown Philadelphia.
Watson, who lives outside the city with his wife Ellen and has two grown children, will report to Comcast CEO Brian Roberts.
"Dave knows the business and has a track record of delivering results," Roberts said in a statement.
