Gift That Keeps On Giving
by Mike Farrell -- Multichannel News, 1/7/2008
Comcast founder Ralph Roberts signed a new employment deal with the nation’s largest cable operator that will continue to pay him for five years after his death.
The new deal, filed with the Securities and Exchange Commission on Dec. 28, takes the place of his previous deal that was set to expire on Dec. 31. Roberts, 87, currently serves as a member of the board of directors and chairman of the board’s executive and finance committee. He co-founded Comcast in 1969.
The new deal isn’t radically different from the one Roberts received in 2002 — after the acquisition of AT&T Broadband — that also called for his beneficiaries to receive his annual salary for five years after his death.
Roberts’ beneficiaries — most likely his wife, Suzanne, if she survives him — will continue to receive his base 2007 salary for five years after he dies or becomes disabled. Roberts was paid $1.8 million in base salary for 2006 and his 2007 base salary will be released in the company’s annual proxy statement, due sometime in April.
