NBCUniversal CEO Steve Burke's Contract Extended Through August 2020
His previous employment was set to end in August 2018, with Comcast lauding his "continuing outstanding work in improving NBCUniversal’s businesses and results."
NBCUniversal has extended the employment agreement of CEO Steve Burke through Aug. 31, 2020, owner Comcast said Thursday in a regulatory filing.
It lauded "Burke’s continuing outstanding work in improving NBCUniversal’s businesses and results."
Burke has served as NBCU CEO since January 2011 upon the closing of Comcast and General Electric’s deal that merged the assets of NBCUniversal with Comcast’s programming assets. He previously served as COO of Comcast and is known as a trusted partner of Comcast chairman and CEO Brian Roberts.
"To incent him to continue to make decisions that build long-term value for NBCUniversal, the amendment [to his contract] provides that Mr. Burke will be granted a stock option with a grant date fair value of $10 million, vesting 100 percent on August 14, 2023," Thursday's filing said. "However, Mr. Burke has agreed not to sell any net after-tax shares received upon exercise before the second anniversary of the exercise date."
Burke joined Comcast in 1998 as president of Comcast Cable. Before that, he worked for the Walt Disney Co. as president of ABC Broadcasting. As such, he was seen as a possible successor to Disney boss Robert Iger when the company earlier this year announced the departure of Tom Staggs. But Burke signaled he would stay at NBCUniversal.
NBCUniversal is the home of the Olympics, and Burke's contract extension will see him remain in charge of the company at least through the 2020 Summer Olympics in Tokyo, which will take place July 24-Aug. 9 of that year.