Comcast CEO Brian Roberts and President Mike Cavanagh noticed their whole compensation dip a bit in 2024.
The corporate’s annual proxy assertion filed with the SEC on Friday morning confirmed Roberts at $33.9 million, down from $35.5 million in 2023.
Cavanagh moderated to $28.3 million from $29.6 million.
The declines have been each practically 5%.
CFO Jason Armstrong’s pay package deal, in the meantime, elevated to $15.1 million from $11.6 million.
Together with the compensation figures, the proxy assertion mentioned Comcast’s annual shareholder assembly can be held June 18.
“Proxy season” is wrapping up, with corporations obligated to reveal govt compensation and shareholder assembly plans by April 30.
Cavanagh was promoted to the president function in 2022, turning into simply the third govt in Comcast’s greater than 5 many years of existence to carry the title. Roberts took the helm of the corporate, which was based by his father, Ralph Roberts, one of many early cable TV pioneers.
In a letter to shareholders included within the proxy, Roberts and lead unbiased director Edward Breen mentioned 2024 was a document yr for Comcast.
“Regardless of speedy change and intense competitors,” they wrote, “our continued monetary efficiency and robust steadiness sheet is a testomony to the energy of our six development companies – residential broadband, wi-fi, enterprise companies, theme parks, streaming and studios – which collectively make up near 60 p.c of our whole income.”
Among the many handful of shareholder proposals set for a vote on the shareholder assembly is one that may require Comcast to rein in govt pay and scale back the disparity between the compensation of high executives and that of common employees. “America’s ballooning govt compensation will not be sustainable for the economic system,” the proposal reads partly. “Aristotle demonstrated that in a secure neighborhood (polis), the ratio of the wealthy citizen’s land to the poor citizen’s land shouldn’t be over 5 to 1. Our Firm’s CEO pay ratio for 2023 is 398 to 1.”
Comcast’s board of administrators is recommending a “no” vote on the proposal.
