Comcast Corporation (Nasdaq: CMCSA, CMCSK) today announced that C. Michael Armstrong has informed Comcast's Board of Directors that, because of other commitments, he will not stand for re-election as a director at Comcast's annual meeting of shareholders, to be held this year on June 1, 2005 in Philadelphia.
In light of Mr. Armstrong's past contributions to the Board, he will serve as Comcast's first Director Emeritus. The Board created the Director Emeritus program to benefit from the experience and counsel of retiring directors. The Board can designate a retiring director to the position of Director Emeritus for a renewable one-year term to provide advisory services and attend board meetings.
Mr. Armstrong said, "Working with the Comcast Board on the seamless integration of Comcast and AT&T Broadband, which has led to the creation of one of the communications and entertainment leaders of the 21st century, has been one of my proudest business accomplishments. I look forward to providing advice to the Board as needed while fulfilling other commitments."
Comcast Chairman and CEO Brian L. Roberts said, "Mike has been a tremendous asset to Comcast and our Board throughout the Broadband integration. He has been a valuable advisor and strong partner in integrating the governance of our two companies, and I'm delighted he'll continue to share his expertise and insight as Director Emeritus."
Mr. Armstrong, 66, has been a Comcast director since the completion of the AT&T Broadband acquisition on November 18, 2002 and served as Chairman of the Board until last May. He is the retired Chairman of AT&T Corp. and Hughes Electronics Corp., and spent more than three decades with International Business Machines. Mr. Armstrong is a trustee of Johns Hopkins University, Chairman of the Board of Visitors of Johns Hopkins Medicine, and a Visiting Professor of the Practice of Management, MIT Sloan School of Management. He serves on the board of directors of Citigroup Inc., Hospital Corporation of America, IHS Inc. and Parsons Corporation, and on the U.S. Advisory Board of Schroder Ventures.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (http://www.comcast.com) is the nation's leading provider of cable, entertainment and communications products and services. With 21.5 million cable customers and 7 million high-speed Internet customers, Comcast is principally involved in the development, management and operation of broadband cable networks and in the delivery of programming content.
The Company's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, Outdoor Life Network, G4, AZN Television, TV One and four Comcast SportsNets. The Company also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.