COMCAST CORP 8-K

What Happened
Comcast Corporation filed an 8-K disclosing that Michael J. Cavanagh will be appointed Co-Chief Executive Officer effective January 2, 2026 and has entered a new employment agreement on December 19, 2025 that secures his employment through January 1, 2029. The agreement sets his annual base salary and bonus target and includes a performance-based restricted stock unit award.

Key Details

• Base salary: $2,750,000 per year.
• Annual bonus target: 300% of base salary.
• Performance Award: approximately $35 million in performance-based restricted stock units (number of shares set using a 5-day VWAP before the Versant spin-off record date).
• Vesting: cliff vest after 3 years subject to time and performance conditions; special vesting treatment if he resigns for Good Reason or is terminated without Cause (additional 24 months and pro-rata based on actual performance); full vest at target on death or based on actual performance on disability.

Why It Matters
This 8-K signals a formal leadership change and a multi-year retention/compensation package that aligns Cavanagh’s pay with multi-year performance goals. For investors, the items to watch are the cost and accounting impact of the large equity award (about $35M), potential share dilution when RSUs vest, and how the performance metrics align with Comcast’s strategic priorities. The full employment agreement and award terms will be filed as exhibits to Comcast’s 2025 Form 10-K for additional detail.