
Where to put all the cash?
While you received a 2% cost of living salary hike that was eroded away by rising health insurance premiums this year, Comcast CEO Brian Roberts took $29.1 million in total compensation straight to the bank in 2012, walking home with $3.5 million more this year than last.
Most of Roberts’ compensation is tied to incentive pay that rises along with the value of Comcast stock. Roberts base salary remained flat at $2.8 million, but his non-equity incentive awards rose right along with the 61 percent increase in the value of Comcast stock over 2012. Comcast executive compensation was disclosed in a proxy statement last week.
Comcast stock is up another 11% so far in 2013, fueled by earnings increases from its broadband service and rate increases that have helped the company maintain revenue numbers despite basic video customer losses.
Other Comcast executives are sharing in the pay bonanza. Chief financial officer Michael Angelakis deposited $23.2 million in compensation during 2012, a six percent increase. NBC Universal CEO Steve Burke, now part of the Comcast family, saw his pay rise by 11% from $23.6 million to $26.3 million. Executive vice president David Cohen got a 5% salary boost to $15.9 million last year.
The head of the cable division — Neil Smit — did not do as well. He had to make do with only $18.3 million in 2012 — a 1% decline from his 2011 pay of $18.5 million. With that kind of salary, he might be just one step away from buying store brands, clipping coupons, and turning down the thermostat at night.
The problem is that in the U.S., any stockholder vote on limitations on executive compensation is NON-BINDING. It needs to change, like it will in Switzerland. (They just voted on in last month.)