Comcast CEO Brian Roberts and President Mike Cavanagh noticed their complete 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 had 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 stated Comcast’s annual shareholder assembly could be held June 18.
“Proxy season” is wrapping up, with firms obligated to reveal government compensation and shareholder assembly plans by April 30.
Cavanagh was promoted to the president function in 2022, changing into simply the third government in Comcast’s greater than 5 a long time of existence to carry the title. He now presides over earnings calls and exerts appreciable authority over Comcast operations. Roberts stays CEO. He took the helm of the corporate from his father, Ralph Roberts, who based it and was an early cable TV pioneers.
In a letter to shareholders included within the proxy, Roberts and lead impartial director Edward Breen stated 2024 was a report 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 power of our six progress companies – residential broadband, wi-fi, enterprise companies, theme parks, streaming and studios – which collectively make up near 60 % of our complete income.”
Among the many handful of shareholder proposals set for a vote on the shareholder assembly is one that will require Comcast to rein in government pay and cut back the disparity between the compensation of high executives and that of common employees. “America’s ballooning government compensation just isn’t sustainable for the financial system,” the proposal reads partly. “Aristotle demonstrated that in a secure group (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.
