Jeff Shell is stepping down as chief executive of NBCUniversal after an investigation into a complaint of alleged inappropriate conduct with a female colleague, parent company Comcast said on Sunday.
Shell, who has served as the top executive of the media and entertainment group since January 2020, said in a statement provided by Comcast that he “had an inappropriate relationship with a woman in 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 networks to the Universal film studios, parks and resorts. In recent years, he has grappled with the challenge of raising subscriptions at the Peacock streaming service, which has reached more than 20mn customers but lags far behind Netflix and Disney Plus.
Shell’s team — which includes Universal chair Donna Langley and Mark Lazarus, head of the television and streaming business — 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, Comcast chair and CEO, could ask Stephen Burke to return to the role; Burke currently serves as chair of NBCUniversal.
People who have worked with Shell said he had long enjoyed Roberts’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 count on “leaders to 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 dismissals at NBC. In 2020, Universal vice-chair Ron Meyer was fired after confessing to making a settlement with a woman over a consensual affair. Matt Lauer, once the face of US morning news staple the Today show, was fired in 2017 after claims of inappropriate sexual behaviour with staffers.
Wall Street has grown concerned about some of the media assets Shell oversaw, particularly the Peacock streaming service.
Peacock reported a $978mn loss in earnings before interest, taxes, depreciation and amortisation in the fourth quarter, and the company forecast losses to peak this year at around $3bn.
Questions “as to whether Peacock can ever achieve winning scale or attractive long-term margins remain unanswered”, analysts at MoffettNathanson wrote in January.
