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Brian Roberts, chairman and CEO of Comcast, had a compensation package worth $35.47 million in 2023, as he saw his pay rise 11% from the year prior.
Roberts, who oversees the cable giant and NBCUniversal, last year had a salary of $2.5 million, stock awards worth $15 million, stock options worth $9.2 million and a $8.55 million cash incentive bonus. In 2022, his compensation totaled about $32.1 million.
Comcast’s stock price rose 26% in 2023. Shares are down 12% year to date in 2024. The company reported $121.6 billion in revenue for 2023 (up 0.1%) and net income of $15.1 billion (versus $4.9 billion in 2022).
“Mr. Roberts provided invaluable long-term vision and stability as he continued to lead the execution of our company’s strategy worldwide, especially in light of the headwinds of an uncertain macroeconomic environment and regulatory and competitive challenges,” Comcast said in its proxy statement filed Friday with the SEC. “Mr. Roberts sets the tone for our businesses to execute at the highest level and to continue their strong collaboration.”
Among other Comcast execs, president Michael Cavanagh (who has served as CEO of NBCU following the ouster of Jeff Shell last year) had a 2023 pay package worth $29.6 million, down from $40.5 million in 2022.
Comcast CFO Jason Armstrong, in his first year as chief financial officer, earned $11.6 million in 2023. Comcast chief legal officer Thomas Reid had a pay package worth $11.2 million, and chief communications officer Jennifer Khoury received a compensation package valued at $5.6 million.
At the 2023 annual meeting, Comcast shareholders approved on an advisory basis the 2022 compensation of the company’s named executive officers by 92% of the votes cast.
Roberts, 64, has been Comcast’s chairman since 2004 and CEO since 2002. From 1990-2022, he served as president of Comcast, which was founded by his father, Ralph Roberts. As of the end of 2023, Roberts, through his ownership of the company’s Class B common stock, had sole voting power over 33.3% of the combined voting power of its two classes of voting common stock.
Comcast’s board continues to believe that “we and our shareholders continue to be best served by having Mr. Roberts serve as both our Chairman and Chief Executive Officer – working together with a strong Lead Independent Director,” a role held by DuPont chairman and CEO Ed Breen.
“Mr. Roberts is a strong and effective leader, at both the company and Board levels, who provides critical leadership in carrying out our strategic initiatives and confronting our challenges,” the company said in the filing. “Mr. Roberts serves as an effective bridge between the Board and management, facilitating strong collaboration and encouraging open lines of communication with the Board. In his role as Chairman, he also brings to Board discussions extensive knowledge of all aspects of our current business, operations and risks.”
