Summary
Comcast Corporation (CMCSA) filed an 8-K on November 23, 2011, primarily to announce a new employment agreement with Michael J. Angelakis, Vice Chairman and Chief Financial Officer. This agreement, effective November 22, 2011, extends his tenure through June 30, 2016, and solidifies his role with the company. The filing also indicates amendments to the company's bylaws to formally establish the officer-level Vice Chairman position, which Mr. Angelakis will hold.
Key Highlights
- 1Michael J. Angelakis has a new employment agreement extending his role as Vice Chairman and Chief Financial Officer through June 30, 2016.
- 2Mr. Angelakis's base salary and annual cash bonus opportunity remain unchanged.
- 3The agreement includes significant deferred compensation plan credits and two cash signing bonuses totaling $4,250,000 for Mr. Angelakis.
- 4Repayment obligations for the signing bonuses are stipulated if Mr. Angelakis's employment is terminated for cause or without good reason before November 22, 2012.
- 5Comcast's bylaws have been amended to officially authorize the officer-level Vice Chairman position.
- 6The company has secured the continued services of a key financial executive through the mid-2016 period.
Frequently Asked Questions
The primary purpose of this 8-K filing is to announce the new employment agreement between Comcast Corporation and Michael J. Angelakis, its Vice Chairman and Chief Financial Officer, and to report the amendment of the company's bylaws to create the Vice Chairman officer position.
The agreement secures Mr. Angelakis's employment through June 30, 2016. While his base salary and bonus opportunity remain the same, the agreement includes substantial deferred compensation credits and two signing bonuses totaling $4,250,000, with repayment conditions if his employment is terminated under specific circumstances.
No, the filing explicitly states that the new employment agreement does not provide for an increase in Mr. Angelakis's base salary (which has been the same since March 1, 2008) or his annual cash bonus opportunity. The significant financial components relate to deferred compensation and signing bonuses.
The company's Board of Directors amended and restated the bylaws to formally authorize and define the role and duties of an officer-level Vice Chairman who is not also a director. This aligns with the new title and responsibilities of Mr. Angelakis.