Comcast CEO Brian Roberts has entered into a new contract that not only means he'll forgo a salary increase but will also give up the right for his beneficiaries to receive his base salary and annual cash bonus for up to five years after his death. In a further blow, he relinquished the right to be reimbursed for insurance premiums and related tax payments.
Comcast extended Roberts' employment contract for a year to June 30, 2010. He received a salary of $2.64 million in 2007.
Good to see everyone is sharing the pain. His father, the company's 89-year-old founder and member of the board who had as similar guaranteed payment, a year ago dropped the controversial package that would have paid close to $2 million a year for five years.