Comcast Founder To Be Paid After Death
Cable Company Says Ralph Roberts’ Beneficiary Will Be Paid For Five Years
By Kent Gibbons -- Multichannel News, 1/2/2008 2:17:00 AM EST
Comcast will pay the beneficiary of co-founder Ralph J. Roberts an amount equal to his 2007 base salary for five years after his death, whenever that occurs, the company said in a Dec. 28 securities filing.
Roberts, 87, is chairman of the Comcast board of directors’ executive and finance committee, and was paid $1.85 million in 2006 base salary, part of his total compensation of $24.1 million that year, according to the company’s 2007 prospectus. Comcast has not yet disclosed Roberts’s 2007 base salary, according to the Philadelphia Business Journal, which reported the Comcast filing on Monday.
The filing included a compensation agreement with Roberts that replaced an agreement that expired on Dec. 31. The agreement said Roberts’s beneficiary shall be such one or more individuals, trusts or other entities that Roberts designates.
Comcast was founded in 1969 by Roberts, Julian Brodsky and the late Daniel Aaron. Brian Roberts, his son, is the company’s chairman and CEO.
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