Flying around…

March 25, 2004

Comcast (CMCSA) released its proxy yesterday and while much of the focus was on the higher salary and hefty bonuses given to CEO Brian Roberts and executive vice president Steven Burke, an item buried in the footnotes to the compensation tables caught my attention. C. Michael Armstrong, the former head of AT&T (T) who was named Chairman of Comcast in November 2002 after the AT&T Broadband deal, rang up $355,609 in the personal use of Comcast aircraft last year. Of course, you have to really squint to find that detail. Perhaps, that’s because it’s nearly 5 times as much as Roberts spent last year on personal air travel. It’s also significantly more than the $77,800 Armstrong spent during 2002, when he was at AT&T. Armstrong has been the non-executive chairman of Comcast since May 2003, which presumably gives him more time to fly around these days. But given that Comcast paid him $4.5 million in salary and bonus last year plus $4.2 million stemming from the settlement of some restricted stock, does he really need to hit the company up for free trips to the Caribbean too?

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