CEO outrage of the year -- Comcast head pays himself dad's salary.

[grasswire]

"The salary of Comcast Corp. founder Ralph J. Roberts, 87, will continue going to his beneficiaries for five years after his death, according to a company filing Friday with the Securities and Exchange Commission. Philadelphia-based Comcast said the new agreement takes effect Tuesday. Roberts, whose son now heads the company, sits on the board of directors and is chairman of its executive and finance committee."

Did you get that? The son of the founder, who is now the head of the company, will receive his father's salary (in addition to his own) for five years after the father's death.

What kind of corporate crapola is this? How can this be legal?

No link -- copied from daily newspaper.

[aquart]

1. Board of Directors should be in jail for cheating shareholders.

Nobody who approved that contract should EVER be allowed on a board of directors again.

[Captain Angry]

2. If the board approved it, it's fine.

The shareholders now have to decide if they feel that kind of compensation package is consistent with the value created by the CEO.

That is nothing as far as compensation goes. Go look up what Jack Welch gets from GE, or Ken Lay and his wife got from Enron.

Still legal, but not in the best interests of the shareholders.

[demnan]

3. Somebody plese find a link if you can

so I can email Comcast. No wonder they're so expensive!

[grasswire]

5. looks like sheer piracy to me.

greedy SOBs.

[ConcernedCanuk]

4. LINK

.
.
.

http://www.bizjournals.com/pittsburgh/stories/2007/12/31/daily6.html

Comcast (NASDAQ:CMCSA,CMCSK) hasn't revealed Roberts' 2007 salary. His 2006 base salary was $1.85 million, although his total compensation that year was $24.1 million, according to Comcast's 2007 proxy statement.

The agreement is an extension of Roberts' compensation agreement with Comcast, which expires Monday. Comcast filed a copy of it as part of a submission to the Securities and Exchange Commission Friday.

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Poor guy!

[Dollface]

6. Sounds like a non-compete clause to me although at 87 it is unlikely that he would. Even though it

smells bad because of his son's involvement, it is a common practice and 5 years is normal. I think our elected reps should have to wait that long before they can lobby.

[grasswire]

7. in what universe do heirs get paid dad's unearned salary...

...after dad is dead? It's just plain looting.