Comcast Execs Get Pay Cuts
by Mike Farrell -- Multichannel News, 4/6/2008 8:00:00 PM
Comcast executives took pay cuts in 2007 ranging from 20% (for chairman and CEO Brian Roberts) to 25% (for executive vice president David Cohen) in part reflecting what was a bad year for Comcast shares and cable stocks in general.
Cable stocks fell 28% in 2007, with Comcast shares dipping 35.8% for the year.
Brian Roberts, who raked in $26 million in annual compensation in 2006, received $20.8 million in 2007. Included in that compensation package was a $2.6 million salary, a $1.4 million bonus (down from $3 million in 2006), stock awards of $3.1 million and stock option awards of $3.3 million for the year. He also received non-equity compensation of $6.3 million in 2007, down from $8.4 million in 2006
Chief operating officer Steve Burke also saw his total compensation fall in 2007 — it was down 12% to $16.8 million.
Comcast founder Ralph Roberts actually saw his compensation for the year climb a bit, to $24.7 million from $24.1 million in 2006. The bulk of that payout was from “other compensation” of about $12.1 million in 2007, compared to $10.3 million in 2006. But Ralph Roberts' pay should decline substantially in 2008 — in February he asked the company to reduce his annual salary of about $2 million to just $1 for the rest of his tenure at Comcast.
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