Comcast founder slashes his pay

Ralph Roberts says he will work for $1 a year, and other top Comcast Corp. executives have agreed to accept lower cash bonuses for 2007.

The octogenarian founder of Comcast also will not be paid after he dies - a concession to critics who howled in December when the company said that his estate would get Roberts' base salary for five years after his demise.

The company disclosed the compensation changes yesterday in a regulatory filing, adding that discounted bonuses reflect Comcast's poor stock performance and a missed financial goal.

Comcast shares jumped 58 cents, or 3.37 percent, to $17.81, but are off their 52-week high of $29.41.

Some big Comcast shareholders have criticized the cable company's performance, one even calling for chairman and chief executive officer Brian Roberts, Ralph Roberts' son, to step down. Shareholders have said the company should buy back shares or offer a dividend to boost returns. The company will report fourth-quarter earnings today.

Comcast warned in late 2007 that it faced slowing consumer demand for its video and broadband products because of the weak economy and housing recession. It also has been hurt by competition from Verizon Communications Inc.'s new FiOS TV service and satellite broadcasters.

Comcast, the nation's largest cable company, said in December that it reached a compensation agreement that would pay Roberts, 87, his base salary for five years if he died or was disabled.

The December agreement had not disclosed his base salary, but in 2006, Roberts earned $1.8 million. He is an adviser to his son and other executives.

The company said he would remain a full-time employee at the $1-a-year rate and sit on the board as chairman of the executive and finance committee.

Comcast executives will collect 80 percent of their targeted amounts as bonuses for 2007, the company said. Because of the company's performance, they were eligible to collect 98 percent of their targeted amounts.