Michael Cavanagh, as he’s set to assume the role of Comcast‘s co-CEO on Jan. 2, extended his employment contract with the cable and media conglomerate that runs through Jan. 1, 2029.
Under the terms of the agreement, Cavanagh will be entitled to an annual base salary of $2.75 million and annual performance-based cash bonus target will continue to be 300% of his base salary.
In addition, Comcast awarded Cavanagh performance-based restricted stock units valued at about $35 million, which will vest after a three-year period (upon satisfaction of both time-based and performance-based conditions), the company disclosed in an SEC filing.
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