Comcast CEO Brian Roberts and President Mike Cavanagh saw their total compensation dip a bit in 2024.
The company’s annual proxy statement filed with the SEC on Friday morning showed Roberts at $33.9 million, down from $35.5 million in 2023.
Cavanagh moderated to $28.3 million from $29.6 million.
The declines were both nearly 5%.
CFO Jason Armstrong’s pay package, meanwhile, increased to $15.1 million from $11.6 million.
Along with the compensation figures, the proxy statement said Comcast’s annual shareholder meeting would be held June 18.
“Proxy season” is wrapping up, with companies obligated to disclose executive compensation and shareholder meeting plans by April 30.
Cavanagh was promoted to the president role in 2022, becoming just the third executive in Comcast’s more than five decades of existence to hold the title. He now presides over earnings calls and exerts considerable authority over Comcast operations. Roberts remains CEO. He took the helm of the company from his father, Ralph Roberts, who founded it and was an early cable TV pioneers.
In a letter to shareholders included in the proxy, Roberts and lead independent director Edward Breen said 2024 was a record year for Comcast.
“Despite rapid change and intense competition,” they wrote, “our continued financial performance and strong balance sheet is a testament to the strength of our six growth businesses – residential broadband, wireless, business services, theme parks, streaming and studios – which together make up close to 60 percent of our total revenue.”
Among the handful of shareholder proposals set for a vote at the shareholder meeting is one that would require Comcast to rein in executive pay and reduce the disparity between the compensation of top executives and that of average workers. “America’s ballooning executive compensation is not sustainable for the economy,” the proposal reads in part. “Aristotle demonstrated that in a stable community (polis), the ratio of the rich citizen’s land to the poor citizen’s land should not be over 5 to 1. Our Company’s CEO pay ratio for 2023 is 398 to 1.”
Comcast’s board of directors is recommending a “no” vote on the proposal.
