Comcast CEO Brian Roberts is effectively unfireable, and can remain CEO for as long as he wants the job. That was the conclusion of a recent Bloomberg piece on the CEO of the nation's biggest cable company, which notes that Roberts, the son of Ralph Roberts, who founded Comcast 55 years ago, is legally protected from being canned thanks to this segment in the Comcast articles of incorporation:
quote:Bloomberg is quick to note that this isn't a common clause, thanks to Roberts being the son of the man who founded the company. It's a nice position to be in, especially given Roberts has been routinely isolated from any real accountability at the company, which has been plagued for the better part of the last decade for having some of the worst customer service of any company in America. That has translated into some of the worst satisfaction scores of any company in any industry, even when compared to consumer impressions of the IRS.
The Chairman shall be Mr. Brian Roberts if he is willing and available to serve. The CEO shall be Mr. Brian L. Roberts if he is willing and available to serve. For so long as Mr. Brian L. Roberts shall be the CEO, he shall also be the President of the Corporation.
"Board members are usually subject to shareholder votes when they re up for reelection, and CEOs typically renegotiate their employment contracts every few years," notes the outlet. "But absent the kind of scenarios you can imagine would justify invalidating Comcast s corporate charter, he s basically CEO for life, or at least as long as he wants to be."
Thanks to limited competition, many Comcast customers are similarly stuck with Comcast, just with notably fewer perks.
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