Comcast said Wednesday that it has promoted executive vice president and chief financial officer Michael Angelakis to vice chairman and CFO and has reached a new employment agreement with the executive through 2016, according to a filing with the Securities and Exchange Commission.
Angelakis, who joined Comcast in 2007 from private equity giant Providence Equity Partners, reports directly to Comcast chairman and CEO Brian Roberts.
Julian Brodsky, an earlier Comcast CFO who later became vice chairman, retired as non-executive vice chairman earlier this year.
Angelakis has been credited with engineering some of Comcast's better deals in the past few years, including its 51% controlling interest in the NBC Universal joint venture with General Electric Co.
Angelakis's base salary will stay the same at about $1.7 million but he will receive two $2.125 million cash signing bonuses, effective payable following the effective date of the agreement and Jan. 1, 2012.
His cash bonus opportunity also remains the same at up to 300% of his base salary.
Angelakis also is entitled to receive $2.125 million in deferred compensation as of the commencement date of the agreement; up from the $1.6 million he was to receive under the old pact which was scheduled to expire in 2012.
That deferred compensation climbs to $3.7 million in 2012 and later levels off to $1.7 million in 2013; $1.7 million in 2014; $1.8 million in 2015; and $1.9 million in 2016.
Angelakis received total compensation of $22.9 million in 2010, according to Comcast's proxy statement filed with the SEC, including a $1.5 million bonus, $9.7 million in stock awards and option awards and $6.5 million in equity compensation.
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