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Comcast to Pay Founder After Death

Heirs will receive paychecks for 5 years; wife gets benefits for life

By Matt Cantor,  Newser Staff

Posted Dec 29, 2007 12:17 PM CST

(Newser) – Death won't stop Comcast's founder from being paid: A deal signed last week ensures that his heirs will receive checks for five years after Ralph J. Roberts, 87, dies, the AP reports. They will also get unpaid funds from his annual performance-based bonus, and his wife will receive health and welfare assistance for life. Roberts, whose 2006 salary was $1.8 million, remains on Comcast's board of directors.

His new contract is effective Jan. 1, when Comcast will also shuffle financial heads: Michael Angelakis will become CFO and treasurer as his current co-chief and treasurer, John Alchin, retires. Roberts' son runs the company, which boasts more than 24 million US cable subscribers, the Philadelphia Inquirer reports.

Comcast chairman Brian L. Roberts, from left, Comcast founder Ralph Roberts, Sen. Arlen Specter.
Comcast chairman Brian L. Roberts, from left, Comcast founder Ralph Roberts, Sen. Arlen Specter.   (KRT Photos)
A technician for Comcast Corp. heads out on a job in this Feb. 2, 2006 file photo in Salt Lake City. (AP Photo/Douglas C. Pizac, File)
A technician for Comcast Corp. heads out on a job in this Feb. 2, 2006 file photo in Salt Lake City. (AP Photo/Douglas C. Pizac, File)   (Associated Press)
Comcast CEO Brian Roberts is shown in his Philadelphia office on Monday, July 30, 2007. (AP Photo/George Widman)
Comcast CEO Brian Roberts is shown in his Philadelphia office on Monday, July 30, 2007. (AP Photo/George Widman)   (Associated Press)
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