Comcast heirs to get Roberts’ pay for 5 years after his death
Under the terms of a new agreement, the designated heirs of Comcast co-founder Ralph J. Roberts will continue to receive his compensation for five years after his death.
The new agreement, which took effect yesterday, was filed on Friday with the Securities and Exchange Commission. The agreement gives Roberts’ beneficiaries his 2007 salary for five years after his death, and also gives his designated beneficiaries his annual performance-based cash bonus that was not paid out upon his death.
Roberts can designate one or more beneficiaries, trusts or other entities to receive his compensation. Robert’s 2007 salary was not disclosed, but his 2006 salary was $1.8 million. Comcast is expected to announce Robert’s salary and benefits for last year in its proxy statement later this year.
Roberts, 87, is one of three founders of Comcast and is currently the chairman of the executive finance committee for Comcast’s board of directors. He is the father of current Comcast CEO and president Brian J. Roberts.
In the filing, Comcast also said that co-CFO and Treasurer John Alchin retired, effective Tuesday, and that Michael Angelakis is now the CFO and treasurer.
Today's headlines:* Broadband Briefs for 1/02/08