Comcast (CCZ) details $2.75M salary and $35M equity grant for new Co-CEO

Rhea-AI Filing Summary

Comcast Corporation disclosed a new employment agreement with Michael J. Cavanagh in connection with his upcoming appointment as Co-Chief Executive Officer on January 2, 2026. The agreement secures his role through January 1, 2029.

Mr. Cavanagh will receive an annual base salary of $2,750,000, and his annual performance-based cash bonus target will remain at 300% of base salary. He also received a performance-based restricted stock unit award valued at approximately $35 million, with the number of units based on a five-day volume weighted-average price of the Class A common stock before the record date for the planned Versant spin-off.

The performance award cliff vests after three years if both time-based and performance-based conditions are met, using metrics generally consistent with Comcast’s annual equity program. The award includes protections for certain termination scenarios, including pro-rata vesting for Good Reason or termination without Cause, and full or performance-based vesting upon death or disability.

Insights

Corporate governance and compensation analyst

Comcast details multi‑year pay and equity package for incoming Co-CEO.

Comcast has entered into a multi-year employment agreement with Michael J. Cavanagh as he becomes Co-Chief Executive Officer on January 2, 2026, locking in his role through January 1, 2029. The package combines fixed pay with heavy use of performance-linked equity, aligning much of his compensation with shareholder outcomes.

The agreement sets an annual base salary of $2,750,000 and keeps his annual performance-based cash bonus target at 300% of base salary. In addition, he receives a performance-based restricted stock unit award valued at about $35 million, determined using a five-day volume weighted-average price of Comcast Class A common stock tied to the planned Versant spin-off record date.

The equity award cliff vests after three years if both time and performance conditions are satisfied, using performance metrics generally consistent with Comcast’s annual equity program. Termination provisions provide for pro-rata vesting over an additional 24 months if he resigns for Good Reason or is terminated without Cause, and full or target/actual performance vesting in cases of death or disability, so actual expense and dilution will depend on tenure and future performance results.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): December 19, 2025

Comcast Corporation

(Exact Name of Registrant as Specified in its Charter)

Pennsylvania

(State or Other Jurisdiction of Incorporation)

001-32871

27-0000798

(Commission File Number)

(IRS Employer Identification No.)

One Comcast Center

Philadelphia, PA

19103-2838

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (215) 286-1700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Class A Common Stock, $0.01 par value

CMCSA

The Nasdaq Stock Market LLC

0.000% Notes due 2026

CMCS26

The Nasdaq Stock Market LLC

0.250% Notes due 2027

CMCS27

The Nasdaq Stock Market LLC

1.500% Notes due 2029

CMCS29

The Nasdaq Stock Market LLC

0.250% Notes due 2029

CMCS29A

The Nasdaq Stock Market LLC

0.750% Notes due 2032

CMCS32

The Nasdaq Stock Market LLC

3.250% Notes due 2032

CMCS32A

The Nasdaq Stock Market LLC

1.875% Notes due 2036

CMCS36

The Nasdaq Stock Market LLC

3.550% Notes due 2036

CMCS36A

The Nasdaq Stock Market LLC

1.250% Notes due 2040

CMCS40

The Nasdaq Stock Market LLC

5.250% Notes due 2040

CMCS40A

The Nasdaq Stock Market LLC

5.50% Notes due 2029

CCGBP29

New York Stock Exchange

2.0% Exchangeable Subordinated Debentures due 2029

CCZ

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 19, 2025, Comcast Corporation (the “Company”) entered into a new employment agreement (the “Agreement”) with Michael J. Cavanagh in connection with his upcoming appointment as Co-Chief Executive Officer of the Company on January 2, 2026. The Agreement secures Mr. Cavanagh’s employment through January 1, 2029.

Under the terms of the Agreement, Mr. Cavanagh will be entitled to an annual base salary of $2,750,000; his annual performance-based cash bonus target will continue to be 300% of his base salary. In connection with entering into the Agreement, Mr. Cavanagh also received an award of performance-based restricted stock units (the “Performance Award”) that was valued at approximately $35 million, with the number of shares determined by using a five-day volume weighted-average price of Class A common stock for the period ending the day before the record date for the planned Versant spin-off. The Performance Award will cliff vest after a three-year period upon satisfaction of both time-based and performance-based conditions, with the performance-based component being generally consistent with metrics used in our annual equity compensation program. The Performance Award provides that if Mr. Cavanagh resigns from the Company for Good Reason or his employment is terminated by the Company without Cause (as such terms are defined in the Agreement), then the Performance Award will vest for an additional 24 months and on a pro-rata basis based on actual performance. In the event of Mr. Cavanagh’s termination of employment due to death or disability, the Performance Award will vest in full based on target performance (in the case of death) or actual performance (in the case of disability).

The foregoing description of the Agreement and the Performance Award is a summary and is qualified in its entirety by reference to the full text of the Agreement (which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025) and form of performance-based restricted stock unit award agreement previously filed as an exhibit to our Annual Report on Form 10-K.

Item 9.01(d). Exhibits.

Exhibit Number

Description

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COMCAST CORPORATION

Date:

December 23, 2025

By:

/s/ Elizabeth Wideman

Name:

Elizabeth Wideman

Title:

Senior Vice President, Senior Deputy General Counsel and Assistant Secretary

FAQ

What did Comcast (CCZ) disclose about Michael J. Cavanagh in this 8-K?

Comcast disclosed that it entered into a new employment agreement with Michael J. Cavanagh in connection with his upcoming appointment as Co-Chief Executive Officer on January 2, 2026, with his employment secured through January 1, 2029.

What is Michael J. Cavanagh’s base salary under the new Comcast agreement?

Under the new agreement, Michael J. Cavanagh will receive an annual base salary of $2,750,000.

How is Michael J. Cavanagh’s bonus structured at Comcast?

His annual performance-based cash bonus target will continue to be 300% of his base salary, meaning the bonus opportunity is heavily weighted relative to fixed pay.

What equity award did Comcast grant to Michael J. Cavanagh?

Comcast granted Mr. Cavanagh a performance-based restricted stock unit award valued at approximately $35 million, with the number of shares determined using a five-day volume weighted-average price of the Class A common stock before the record date for the planned Versant spin-off.

When do Michael J. Cavanagh’s performance-based RSUs vest at Comcast?

The performance-based restricted stock units will cliff vest after three years, subject to both time-based and performance-based conditions that are generally consistent with metrics in Comcast’s annual equity compensation program.

What happens to Michael J. Cavanagh’s award if he leaves Comcast under certain conditions?

If he resigns for Good Reason or is terminated without Cause, the performance award will vest for an additional 24 months on a pro-rata basis based on actual performance. In case of death, it vests in full at target performance, and in case of disability, in full based on actual performance.