Comcast Extends NBCU Chief Steve Burke to 2018, With Hefty Salary Hike Deadline
Comcast has given a big contract extension to NBCUniversal chief Steve Burke. Deadline.com reports that Burke's contract, which was set to run out at the end of 2014, will now run through August 2018.
Burke gets "an 18% increase in his base salary to $2.6M while his annual cash bonus opportunity stays at 300% of his base salary, the company says in an SEC filing," Deadline reports. "Burke also secured a $5M performance-based bonus described as an 'inducement' for him to stay and 'on account of Mr. Burke’s outstanding work in integrating NBCUniversal and its businesses into Comcast, and making extraordinary progress in improving its businesses and results.'”
The bonus carries the contingency that Burke must remain with the company for 13 months, while Comcast's operating cash flow for the year ending June 2014 must be at least 101% of what it was the preceding year, the piece notes.
Deadline adds: "Last year Burke’s compensation package came to $26.3M including $2.2M salary, $4.3M in stock awards, $4.7M in option awards, $7.2M in non-equity incentives, $5.3M increased value of pension value, and $2.6M in other compensation."