Comcast Investor Seeks Ouster Of CEO Roberts, Cash Payout, End To Dual-Class Share Structure
My colleague Andrew Bary this morning reports this morning that one of Comcast’s (CMCSA) largest institutional shareholders, Chieftain Capital, is asking the company to axe CEO Brian Roberts, to return more cash to holders in the form of buybacks or dividends and to scrap the company’s dual-class voting structure.
Andrew notes that in a Jan. 14 letter to the company, Chieftain called the Roberts’ stewardship of Comcast a “Comcastrophe,” notes that the stock is no higher than it was in late 1998, and asserts that “it is time for change.” Chieftain owns 60.5 million shares of Comcast stock on behalf of clients, about 2% of the company.
As Andrew points out, Comcast’s shares are down nearly 40% in the past year and off by 25% since the company gave disappointing 2007 financial guidance in the fall.
Comcast today is down 49 cents, or 2.7%, at $17.69.
Update: Pali Research has posted a copy of Chieftain’s letter to Comcast’s board.
my sentiments exactly. his Father should be off the payroll ten years ago .and now its past time for BRIAN and that brilliant CEO that gave guidance back in sept 2007. give em hell HARRY
I don’t know why any shareholders (except the Roberts family) put up with this structure. It takes all control and ability to hold management accountable away from the true owners of the company.
“Comcastrophe—could not have said it better myself–10 years of no where…How come the board put up with tis mess
The only thing worse than Comcast management is the service they provide to their customers! Weak signal, poor channel selection, non-response to repair requests. They will lose market share everywhere the phone co’s show up. Please hurry, Verizon FIOS.
I have voicing protests against the Roberts for a long while. Please Understand it is not personal, but the Roberts owe it to the company and its shareholders to do the best they can. The Record show that they failed. Therefore it is prudent to step down and find a new boad. I am a candidate. I also encourage all 67% of remaining shareholders to step up pressure to make it happen in next meeting.
…The best example to the ROBERTS way of running COMCAST is what is happening in Lebanon now: The minority Led by Hizbullah demanding a VETO POWER over the MAJORITY LED government…ARE WE GOING TO LET THAT HAPPEN HERE? TIME TO ACT NOW. THE ROBERTS and their PROXIES must go before the company go to hell.
I would look for some change and get out the box, this is really not working
I said it 3 years ago.. that this was going to happen,comcasters can make this company much better and more profitable. It starts from the bottom 1st with their great ideas and customer experience will realign the way comcast is going and will go…back to the top..
Take it from one in the know, for many years in the past Comcast has “managed” the disconnect rate at the end of each quarter by simply putting the word out not to run disco’s until “x” date. Shareholders should “look” for the subscriber.
Chieftain Capital may be long the A’s for clients. But I am sure they stand to make a killing on the share class collapse. If i am short A’s and Long K’s right now and they collapse the share classes tomorrow I make .20 per share. Just b/c they are long for the client doesn’t mean they aren’t short for the house.
Get rid of them all the board for not doing their job, the Roberts family for not doing their job and if we don’t do our job as shareholders we have know one to blame but ourselves!!!!!!!!!!!
Comcast is ripe and “cheap for something to happen ! Anyone see the possibilities! …..mmmm
Tech Trader Daily is a blog on technology investing written from Palo Alto, California by long-time Barron's West Coast Editor Eric J. Savitz. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields.
