Sunday, April 3, 2011

Comcast Execs Strike Pay Dirt

By Mike Farrell -- Multichannel News

Burke, Roberts Each Top $30 Million in Total Compensation

Comcast executives, knee-deep in integration and regulatory issues connected to its landmark NBC Universal joint venture last year, reaped some rather handsome financial rewards for their efforts, according to a proxy statement filed Friday with the Securities and Exchange Commission.
Leading the pack for the second year in a row was former chief operating officer Steve Burke, who received $34. 7 million in total compensation in 2010, a 2.4% increase from the previous year.

Burke, who was named CEO of NBC Universal after the JV was closed in January of this year, resigned as Comcast COO shortly after the deal was finalized.

Chairman and CEO Brian Roberts saw his total compensation increase 14.3% for the year to $31.1 million from $27.2 million in 2009.

Roberts' base salary actually declined slightly during the year - to $2,.8 million from $2.9 million in 2009 - but he received $10.9 million in non-equity incentive compensation, a 33% increase from the $8.2 million he received in 2009.

Executive vice president David Cohen had the largest percentage increase - 29.6% -- to $12.7 million from $9.8 million in 2009, largely due to a $1 million bonus (he received no bonus in 2009) and a $1 million increase in stock awards to $3.5 million from $2,5 million in the prior year.

Cohen led Comcast's efforts to gain federal regulatory approval of the NBCU joint venture.

Chief financial officer Mike Angelakis, largely considered to be the financial architect behind the NBCU deal, received a 6% bump in total compensation to $22.9 million.

Broadcast Union News: Meanwhile, back at NBCU, the NABET-CWA broadcast engineers whose hard work helps create the profits to pay the enormous executive salary and bonus packages NBCU management enjoys, have been without a contract and without a raise for over two years. Although contract negotiations are ongoing, the Company has refused to bargain in good faith, a strategy that has resulted in an NLRB complaint. Recent meetings between the new management following the sale of NBC to Comcast, have led to some optimism on the part of the NABET-CWA negotiating committee. We live in hope.- BD

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