Comcast Corporation chairman Michael Armstrong, who retired last week, will not be directly replaced. Instead his role has been assumed by the cable giant's chief executive, Brian Roberts.
Comcast's annual meeting was the platform for the announcement, following Armstrong's desire to bow out gracefully a year earlier than stipulated in his contract. However he will be retained by the company as a $900 000 (€736.68k; £500k) a year consultant until the annual meeting of 2006.
In view of growing opposition on corporate governance grounds to the melding of the two most important boardroom functions in any publicly-owned company, the move will not endear Roberts and his acquiescent co-directors to Wall Street critics.
Data sourced from: Financial Times; additional content by WARC staff