53° CLEAR, PHILADELPHIA Comcast founder's pay to go to heirs
Last Modified: Friday, December 28, 2007 at 9:00 p.m.
The pay of the 87-year-old founder of Comcast Corp. will keep going to his beneficiaries for five years after his death under a new agreement.
Ralph Roberts' new salary agreement takes effect Jan. 1, according to a document the company filed Friday with the Securities and Exchange Commission. The pact succeeds Roberts' current compensation deal, which expires next week.
Philadelphia-based Comcast said the new deal, signed Thursday, provides benefits comparable to what Roberts had under the existing deal.
Comcast also said that John Alchin, its co-chief financial officer and treasurer, will be retiring at the end of the year.
Michael Angelakis, who has been co-chief financial officer since March, will become sole CFO and treasurer Jan. 1.
Roberts, whose son now heads the company, sits on the board of directors and is chairman of its executive and finance committee.
In 2006, Roberts was paid a salary of $1.8 million. His full 2007 salary and benefits will be disclosed when the company files its proxy statement next year.
The new agreement gives Roberts' beneficiaries his 2007 salary for five years after his death as well as his annual performance-based cash bonus, whatever has accrued but not yet paid out, after his death.
-- Press Democrat news services
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