PHILADELPHIA - The 87-year-old founder of Comcast Corp.'s pay will keep going to his beneficiaries for five years after his death under a new agreement.
Ralph J. Roberts' new salary agreement takes effect on Jan. 1, according to a document the company filed Friday with the Securities and Exchange Commission. The pact succeeds Roberts' current compensation deal, which expires next week.
Philadelphia-based Comcast said the new agreement, signed by both parties on Thursday, provides benefits comparable to what Roberts had under the existing deal.
Comcast also said that John Alchin, its co-chief financial officer and treasurer, will be retiring at the end of the year. Michael Angelakis, who has been co-chief financial officer since March, will become sole CFO and treasurer on Jan. 1.
Roberts, whose son now heads the company, sits on the board of directors and is chairman of its executive and finance committee.
In 2006, Roberts was paid a salary of $1.8 million. His full 2007 salary and benefits will be disclosed when the company files its proxy statement next year.
The new agreement gives Roberts' beneficiaries his 2007 salary for five years after his death. It also gives the beneficiaries his annual performance-based cash bonus, whatever has accrued but not yet paid out, after his death.
His wife, if she survives him, will get health and welfare benefits for life.
If Roberts becomes mentally or physically disabled for six months and can't do his job, Comcast may terminate his position. If that happens, he will get his salary for five years and benefits for life. If Roberts dies before the five years is over, the money goes to his beneficiaries.
The agreement will stay in effect with Comcast's successor company in the case of an acquisition, restructuring or similar event.
Shares of Comcast fell 3 cents to $18.40 on Friday.
