Comcast CEO Brian Roberts took a 5% hit to his total compensation in 2024
The dip in total compensation for Brian Roberts came a year after the Comcast CEO's pay reached its highest level since 2019.
Comcast Corp. CEO Brian Roberts' pay package dropped 4.5% in 2024 to $33.86 million, according to an annual proxy report filed by the Philadelphia media and technology giant on Friday.
The total compensation for Roberts last year was down from $35.47 million in 2023, when it reached its highest level in four years, according to the U.S. Securities and Exchange Commission filings.
While Roberts' base salary of $2.5 million increased by one dollar, his income tied to stock options dropped from $9.2 million in 2023 to $5.75 million in 2024. The longtime Comcast chief executive also received stock awards totaling $17.91 million last year.
Comcast's second-highest earner was President Michael Cavanagh, who pulled in $28.26 million after receiving $29.58 million in total compensation in 2023. Cavanagh had stock awards of $13.63 million and options totaling $4.38 with the same base salary as Roberts.
While the two leaders of Comcast (NASDAQ: CMCSA) saw their pay decline last year, CFO Jason Armstrong's compensation jumped 30% to $15.1 million from $11.59 million the year prior. Comcast Chief Legal Officer Thomas J. Reid was paid $14.13 million in 2024 and Chief Communications Officer Jennifer Khoury took home $5.5 million, according to the proxy report.
Roberts, 65, has a deferred compensation plan that totaled $145 million at the end of 2024.
According to the proxy, Roberts makes 380 times the salary of the median Comcast employee, which was $89,237 in 2024. The company reported 195,286 full-time, part-time, seasonal and temporary employees as of the end of 2024.
In the SEC filing, the Comcast compensation committee said Roberts "provided invaluable long-term vision and stability as he continued to lead the execution of our company's strategy worldwide, especially in light of competitive challenges."
Roberts has served as chairman of Comcast's board since 2004 and as CEO since 2002.
Comcast reported revenue of $123.7 billion in 2024 and a profit of $16.2 billion, a 5.2% increase over the year prior.
The tech and media conglomerate in November outlined plans to spin off a $7 billion collection of its cable networks into a new publicly traded company. The spinoff will be led by CEO Mark Lazarus and include brands like USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel.
Roberts also played an integral role last year in convincing the 76ers to abandon plans to build their own Center City arena, working behind the scenes to strike a deal for the NBA team to stay in South Philadelphia with Comcast subsidiary Comcast Spectacor acquiring an ownership stake in the Sixers.
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