NBCUniversal CEO Steve Burke will retire on Aug. 14, 2020, following the Summer Olympics in Tokyo, Comcast announced Monday.
Jeff Shell will become CEO of NBCUniversal beginning Jan. 1, 2020, when Burke will move to role of chairman of NBCUniversal. after Burke's retirement, Shell will report to Comcast CEO Brian Roberts.
"I cannot thank Steve enough for the incredible impact he has had on this entire company," Roberts said in a statement. "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."
Roberts said Shell, 54, who currently oversees NBCUniversal's film and entertainment division, is the "ideal executive" to "lead NBCUniversal into the future."
Burke said in a statement: "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."
CNBC previously reported that Burke would depart the company next year.
Burke, 61, has been CEO of NBCUniversal since Comcast closed its acquisition of the company in 2011. Burke has been preparing to launch Peacock, a new streaming service that will compete with the likes of Netflix, Disney+, Apple TV+ and AT&T's HBO Max, among others.
NBCUniversal is considering launching a free, ad-supported version of Peacock, along with a paid subscription without ads, CNBC reported in November. The company will announce additional details about the service at an investor event on Jan. 16.
— CNBC's Alex Sherman contributed to this report.
Disclosure: NBCUniversal, which is owned by Comcast, is the parent company of CNBC.