8-KLeadership ChangesExhibits & Filings

COMCAST CORP 8-K Report, Executive Changes (Nov 28, 2006)

Filed November 28, 2006For Securities:CMCSACCZ

Summary

Comcast Corporation filed an 8-K on November 27, 2006, announcing significant changes in its financial leadership. Executive Vice President and Co-Chief Financial Officer Lawrence S. Smith announced his intention to retire effective March 28, 2007, with the option to transition to a part-time non-executive role. Similarly, Executive Vice President, Co-Chief Financial Officer, and Treasurer John R. Alchin plans to retire in early 2008, also with a potential transition to a part-time role. These retirements signal a planned succession within the company's senior financial management. The key development for investors is the appointment of Michael J. Angelakis as Executive Vice President and Co-Chief Financial Officer, effective March 28, 2007, and subsequently as Chief Financial Officer upon Mr. Alchin's retirement. Mr. Angelakis joins Comcast from Providence Equity Partners, a private investment firm. His compensation package includes a substantial base salary, bonus potential, significant deferred compensation credits, a signing bonus, stock awards, and stock options, reflecting the company's investment in securing experienced financial leadership for the future.

Key Highlights

  • 1Lawrence S. Smith, Executive Vice President and Co-Chief Financial Officer, announced his retirement effective March 28, 2007, with a potential transition to a part-time role.
  • 2John R. Alchin, Executive Vice President, Co-Chief Financial Officer and Treasurer, announced his intention to retire in early 2008, also with a potential transition to a part-time role.
  • 3Michael J. Angelakis has been appointed Executive Vice President and Co-Chief Financial Officer, starting March 28, 2007, and will become CFO upon Mr. Alchin's retirement.
  • 4Mr. Angelakis joins Comcast from Providence Equity Partners Inc., where he served as a Managing Director.
  • 5Mr. Angelakis's compensation package includes a $1,500,000 base salary, bonus potential, significant deferred compensation credits ($6,005,480 for 2007), a $5,000,000 signing bonus, and $5,000,000 in vested stock units.
  • 6Additionally, Mr. Angelakis will receive stock options valued at approximately $2,450,000 and restricted stock units valued at $2,425,000 upon commencing employment.

Frequently Asked Questions

Michael J. Angelakis has been appointed as the new Executive Vice President and Co-Chief Financial Officer, effective March 28, 2007. He is slated to become the Chief Financial Officer upon the retirement of John R. Alchin.

Mr. Angelakis comes to Comcast from Providence Equity Partners Inc., a private investment firm, where he held the position of Managing Director since 1999. He will resign from all positions with Providence Equity and its affiliated entities before joining Comcast, retaining only passive limited partner interests.

Mr. Angelakis's compensation is substantial. It includes an initial base salary of $1,500,000, a cash bonus of at least 300% of base salary, a credit to the deferred compensation plan of $6,005,480 for 2007, a $5,000,000 signing bonus, $5,000,000 in vested stock units, stock options valued at approximately $2,450,000, and restricted stock units valued at $2,425,000.

Lawrence S. Smith, one of the Co-Chief Financial Officers, is retiring effective March 28, 2007, and may transition to a part-time non-executive role. John R. Alchin, the other Co-Chief Financial Officer and Treasurer, plans to retire in early 2008, also with the possibility of moving to a part-time non-executive position.