Jeff Shell Won’t Get $43M In Stock After Being Fired For Cause By Comcast

Georg Szalai
·2 min read
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Comcast has disclosed the 2022 pay for chairman and CEO Brian Roberts and fired NBCUniversal CEO Jeff Shell, along with compensation packages for other top executives.

Notably, however, was the money that Shell won’t receive after being terminated for cause over an inappropriate relationship with an employee. “Upon his termination, all unvested PSUs and RSUs and all vested and unvested stock options, which had an estimated fair value of $43.3 million as of the termination date, were forfeited and canceled,” Comcast disclosed in a filing on Friday.

Shell was fired for what the company described as “inappropriate conduct with a female employee, including allegations of sexual harassment.” Shell was paid $10 million in 2022 from his salary and cash bonus. He was paid $21.6 million in 2021 and $16.5 million in 2020.

Comcast also disclosed compensation worth $32.06 million for Roberts, compared with $34.0 million in 2021, $32.7 million in 2020 and $36.4 million in 2019. The Comcast topper received a bonus of $2.5 million last year, and another $13.3 million in stock awards, $8.4 million in option awards and $7.5 million in non-equity incentive plan compensation.

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NBCU owner and pay TV, media and technology giant Comcast disclosed the compensation details for the most recent year in a regulatory filing with the Securities and Exchange Commission (SEC). It was the second time that Comcast’s annual proxy statement, published on Friday, detailed Shell’s earnings.

Comcast shares fell about 30 percent in 2022 amid pressure on media and entertainment stocks. Comcast’s full-year 2022 revenue rose more than 4 percent to $121.4 billion. Consolidated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 5 percent for the year to $36.5 billion, with adjusted earnings per share jumping 13 percent.

In January, Comcast said that NBCUniversal’s streaming service Peacock had ended 2022 with more than 20 million U.S. paid subscribers thanks to its performance in the fourth quarter, for which it recorded its strongest quarterly gain since its launch in 2020.

April 30, 9:25 am PST Updated to note that Shell was paid only for his salary and cash bonus in 2022.

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