Roberts Takes 20% Pay Cut
Comcast Exec’s Compensation Reflects Bad Year For Stock
By Mike Farrell -- Multichannel News, 4/2/2008 9:09:00 AM
Comcast chairman and CEO Brian Roberts made $20.8 million in 2007, a 20% pay cut from the $26 million the executive hauled in during 2006, reflecting the poor performance of the company’s stock last year.
Comcast shares, up 61.4% in 2006, fell 35.8% in 2007 as fears of increased competition and growing basic subscriber losses rocked the entire sector.
Cable stocks as a whole were down 28% in 2007.
Roberts received $2.6 million in 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, according to documents filed with the Securities and Exchange Commission Wednesday.
He also received non-equity compensation of $6.3 million in 2007, down from $8.4 million in 2006.
Roberts’ father, Comcast founder Ralph Roberts, received compensation of $24.7 million for the year, including $1.9 million in salary, $1.3 million in stock awards and $2.125 million in option awards. Ralph Roberts did not receive a bonus in 2007 or 2006.
In February, Ralph Roberts asked the company to lower his annual salary to $1 for the rest of his tenure, and to rescind a controversial pay package that would have paid his heirs $1.85 million annually for five years after his death.
Chief financial officer Michael Angelakis, who joined the company in January, received total compensation of $20.5 million. Included in his pay package was a $5 million signing bonus, $4.1 million in stock awards and $275,935 in option awards. Angelakis also received $2.7 million in non-executive compensation.
Angelakis’ predecessors—former co-CFOs John Alchin and Larry Smith—received $8.1 million each for 2007. Alchin retired on Dec. 31, and Smith left the company in March 2007 but stayed on as a non-executive employee for the remainder of the year.
Chief operating officer Stephen Burke received $16.8 million in total compensation, 12% less than the $19.1 million he raked in during 2006. Included in Burke’s 2007 compensation was a salary of $2.1 million, stock awards of $2.5 million and option awards of $2.3 million. Burke did not receive a bonus for 2007 or 2006, but he did receive non-equity compensation of $2.85 million, compared to $1.9 million in 2006.
Executive vice president David Cohen received total pay of $7.4 million, down 25% from the $9.9 million he received in 2006. Cohen 2007 salary was $1.26 million and he received stock awards of $1.9 million and option awards of $1.8 million for the year.
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