NBCUniversal CEO Jeff Shell ousted due to ‘improper circumstances’
Jeff Shell is stepping down as CEO of NBCUniversal following an investigation into a complaint about alleged inappropriate behavior with a female colleague, parent company Comcast said Sunday.
Shell, who has served as chief executive of the media and entertainment group since January 2020, said in a statement from Comcast that he “had an inappropriate relationship with a woman at the company.” Comcast said the investigation into the complaint was led by outside counsel.
A 19-year veteran of the company, Shell oversaw a sprawling empire at NBCUniversal, ranging from the NBC television network to Universal film studios, parks and resorts. In recent years, he has struggled with the challenge of increasing subscriptions to the streaming service Peacock, which has reached more than 20 million customers, but is far behind Netflix and Disney Plus.
Shell̵[ads1]7;s team – which includes Universal head Donna Langley and Mark Lazarus, head of TV and streaming – will now report to Mike Cavanagh, Comcast’s president.
No succession plan was announced, but a long list of possible replacements could include Lazarus, news chief Cesar Conde and Linda Yaccarino, head of global advertising and partnerships, observers said. It is also possible that Brian Roberts, Chairman and CEO of Comcast, may ask Stephen Burke to return to the role; Burke currently serves as chairman of NBCUniversal.
People who have worked with Shell said he had long enjoyed Robert’s trust. In a memo to staff seen by the Financial Times, Roberts said he was “disappointed” to share the news of Shell’s departure. He added that employees should be able to trust that “managers create a safe and respectful workplace”.
“When our principles and policies are violated, we will always move quickly to take appropriate action, as we have done here,” Roberts wrote in the memo, which was also signed by Cavanagh.
Shell’s departure follows other high-profile resignations at NBC. In 2020, Universal VP Ron Meyer was fired after admitting to settling with a woman over a non-consensual affair. Matt Lauer, once the face of America’s morning news staple Today show, was fired in 2017 following allegations of inappropriate sexual behavior with employees.
Wall Street has grown concerned about some of the media assets Shell oversaw, notably streaming service Peacock.
Peacock reported a loss of $978 million in earnings before interest, taxes, depreciation and amortization in the fourth quarter, and the company forecast losses to peak this year at about $3 billion.
Questions “whether Peacock can ever achieve winning scale or attractive long-term margins remain unanswered,” analysts at MoffettNathanson wrote in January.
