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Comcast elevates Michael J. Angelakis to vice chairman

Michael Angelakis, the top financial executive at Comcast Corp., has been named vice chairman.

By Bob Fernandez, Inquirer Staff Writer

Posted: November 24, 2011

Michael J. Angelakis, the top financial executive at Comcast Corp. and the person who negotiated the NBC Universal Inc. transaction in 2009 and the rights to televise the Olympics from 2014 to 2020, has been elevated to vice chairman at the giant media, Internet, and cable-distribution company.

The new agreement extends Angelakis' employment through June 2016 and includes two signing bonuses with a combined value of $4.25 million to be paid "as soon as practicable" after Jan. 1. His new title is chief financial officer and vice chairman.

Comcast said in a corporate filing that the new employment agreement does not include any boost in Angelakis' base salary or cash bonus opportunity. The executive earned $22.9 million in total compensation in 2010, according to Comcast's latest proxy statement, filed in May.

The last person to hold the vice chairman title was Julian Brodsky, one of Comcast's three founding partners. He retired from the board earlier this year.

Angelakis will not join the company's board of directors.

Comcast hired Angelakis in 2007 from the private-equity firm Providence Equity Partners. He is one of the top executives in the company. The others are Brian L. Roberts, chairman and chief executive officer; David Cohen, with responsibility over public and regulatory affairs; Neil Smit, president of the core cable division in Philadelphia; and Steve Burke, the head of the newly acquired NBCUniversal, with offices in New York and Los Angeles.

Roberts said in an interview that the management committee members would report to him as they had previously and that the elevation of Angelakis to vice chairman shows "he is doing a fantastic job. This is an acknowledgment that he is more than a CFO. . . . He is an integral part of the operation."

Among the other projects that Angelakis is involved with inside the company that employs more than 100,000 is developing a training program for future executives.

Contact staff writer Bob Fernandez

at 215-854-5897 or bob.fernandez@phillynews.com.