Jennifer Khoury
COMCASTAbout Jennifer Khoury
Jennifer Khoury is Chief Communications Officer at Comcast, serving in this role since February 2020 and an executive officer since 2023; she joined Comcast in 1999 after roles at AT&T Broadband, MediaOne, and consulting at ML Strategies . As of 2025, she is 51 years old . In 2024, Comcast grew revenue 1.8% to $123.7B and Adjusted EBITDA to $38.1B, with $13.5B returned to shareholders via dividends and buybacks—core metrics used in NEO pay design (Revenue, Adjusted EBITDA, Free Cash Flow) and relevant to evaluating pay-for-performance alignment for communications leadership that supported marquee events (Paris Olympics), product launches, and strategic initiatives .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Comcast Corporation | Chief Communications Officer | Since Feb 2020 | Led corporate marketing/brand advertising and all external, internal, financial, government and digital communications; key advisor across Connectivity & Platforms and Content & Experiences; communications leadership for Paris Olympics and product rollouts supporting growth priorities . |
| Comcast (prior roles) | SVP Corporate & Digital Communications; led communications for Comcast Cable and corporate digital/social | Not disclosed (joined 1999) | Built enterprise communications and digital/social media capabilities supporting scale and investor-facing narratives . |
| ML Strategies, LLC | Strategic consultant | Not disclosed | Strategy consulting experience informing corporate communications execution . |
| AT&T Broadband; MediaOne | Led communications/public affairs/social responsibility programs and campaigns | Not disclosed | Operator-side experience in broadband and cable communications ahead of Comcast tenure . |
External Roles
- Not disclosed in company filings reviewed .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of salary) | Actual Cash Bonus ($) | Notes |
|---|---|---|---|---|
| 2024 | 1,500,000 | 150% | 2,452,500 (109% of target) | No 2024 base salary increase; outcome reflects 2024 financial/operational results . |
| 2023 | 1,494,231 | Not disclosed | 2,555,135 | — |
Performance Compensation
Annual Bonus Plan Design and 2024 Results (NEO program)
| Metric | Weight | 2024 Performance Range | 2024 Achievement (weighted) | Payout Treatment |
|---|---|---|---|---|
| Adjusted EBITDA | 35% | $36.598–$42.378B (const. currency) | 33% | Interpolated; zero below threshold; up to 140% at max . |
| Free Cash Flow | 25% | $11.585–$17.719B | 37% | Same scaling . |
| Revenue | 10% | $119.212–$138.036B | 9% | Same scaling . |
| Operating performance goals | 15% | Qualitative | 15% | Holistic assessment of LRP alignment, collaboration, agility . |
| Stakeholder & sustainability | 15% | Qualitative | 15% | Digital opportunity, culture, sustainability progress . |
| Total outcome | — | — | 109% of target | Company-wide annual cash bonus determination for 2024 . |
Long-Term Incentives (2024 grants)
- Mix: ~75% PSUs, ~25% stock options; 2025 program moving to 100% PSUs (improves alignment) .
- PSU design: 3-year cliff vest; metrics equally weighted: Average ROIC (absolute) and Relative Adjusted EPS Growth vs S&P 100; +/-25% Relative TSR modifier with absolute TSR cap (no positive modifier if absolute TSR negative); max 250% of target .
- Options: 5-year ratable vesting; value only if stock appreciates .
| Award (3/1/2024) | Shares/Units (Khoury) | Exercise/Terms | Grant Date Fair Value ($) |
|---|---|---|---|
| PSUs (target/threshold/max) | 26,290 / 4,929 / 65,725 | 3-year performance (2024–2026) with ROIC & Rel. Adj. EPS; TSR modifier; cliff vest 3/1/2027 | 1,168,328 . |
| Stock Options | 39,520 | $42.80 strike; vest 20% annually over 5 yrs; exp. 2/28/2034 | 375,045 . |
Prior PSU vesting reference: 2022 PSU cycle paid at 143% for other NEOs; Ms. Khoury did not have PSUs from prior cycles when not an NEO (only time-based RSU vesting in 2024) .
Equity Ownership & Alignment
- Stock ownership guideline: 3x base salary; Ms. Khoury is in compliance .
- Hedging/pledging: Prohibited for executive officers; no stock in margin accounts or pledged as collateral .
- Beneficial ownership (near-term): Options exercisable on or within 60 days of Feb 28, 2025: 371,099; stock units vesting on or within 60 days: 9,262 .
- Outstanding equity at 12/31/2024:
- Unvested RSUs: 33,964 ($1,274,669 MV at $37.53) (Khoury row).
- Unearned PSUs (2023/2024 cycles): 127,162 ($4,772,390 MV) (Khoury row).
- Options: Multiple tranches; recent schedule 20% per year over 5 years for 2032+ expirations; earlier grants have legacy schedules (see footnotes) .
Selected option blocks (Khoury):
| Exercisable | Unexercisable | Strike ($) | Expiration |
|---|---|---|---|
| 67,600 | 16,900 | 42.520 | 03/01/2030 |
| 34,260 | 22,840 | 54.450 | 02/28/2031 |
| 27,242 | 40,863 | 46.390 | 02/29/2032 |
| 14,406 | 57,624 | 36.630 | 02/28/2033 |
| — | 39,520 | 42.800 | 02/28/2034 |
Vesting/retirement provisions: For awards granted in 2023+ (Khoury), continued vesting on retirement when age+service ≥70 (min age 62 and 5 years service); legacy awards had age 62-based schedules; no automatic single-trigger CIC acceleration in employment agreements (CEO exception noted) .
Employment Terms
- Severance protection (other than CEO): If terminated without cause or resigns for good reason:
- Salary continuation for 24 months; continued health benefits for 18 months; mitigation applies; full current-year bonus (based on company results; 100% personal goals) and next-year target bonus pro-rated; 12 months of continued vesting for equity; options exercisable for lesser of 15 months or term-end; subject to mutual release .
Potential payments (as of 12/31/2024; Khoury):
| Scenario | Salary Cont. ($) | Bonus Cont. ($) | Accrued Bonus ($) | Unvested Options Accel/Cont. Vest ($) | Unvested Stock Units Accel/Cont. Vest ($) | Health ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| Without cause / With good reason | 3,000,000 | 2,250,000 | 2,250,000 | 12,965 | 928,868 | 23,335 | 8,465,168 . |
| Death/Disability | 375,000 | — | 2,250,000 | 51,862 | 3,183,632 | — | 5,860,494 . |
Change-in-control: No automatic single-trigger acceleration; Board retains discretion; only CEO has double-trigger treatment defined in his agreement .
Clawback: Company has an incentive compensation recoupment policy compliant with SEC/Nasdaq rules for restatements .
Deferred compensation: Aggregate balance $3,868,858 at 2024 year-end; 2024 aggregate earnings $298,376; no withdrawals .
Perquisites/tax gross-ups: No excise or other tax gross-ups for executive officers; personal use of aircraft is permitted under policy but Khoury’s “All Other Comp” in 2024 was $10,000 (company 401(k) contribution); perquisites otherwise reimbursed by NEOs .
Compensation Structure Analysis
- Mix shifting to performance equity: 2024 moved to 75% PSUs / 25% options from prior 60%/40%; 2025 will be 100% PSUs—tightens performance linkage and minimizes time-based equity .
- Short-term metrics emphasize cash generation and capital efficiency: Revenue, Adjusted EBITDA, Free Cash Flow in bonus plan reflect internal/external performance communication priorities overseen by CCO; qualitative components included collaboration and stakeholder objectives .
- Ownership alignment: 3x salary requirement; in compliance; hedging/pledging prohibited—reduces misalignment/credit risk from pledging .
- No pension/SERP and no CIC single-trigger: Limits fixed/guaranteed value and windfall risk; clawback policy in place .
Compensation Peer Group (context for market levels)
Alphabet, AT&T, Charter Communications, Fox, Meta, Netflix, Paramount Global, T-Mobile US, Disney, Verizon, Warner Bros. Discovery; comparisons for Khoury were by ordinal rank and to top communications officers based on survey data (no fixed percentile target) .
Say‑on‑Pay & Shareholder Feedback
- 2024 annual meeting: Advisory vote on executive compensation approved (For: 332,155,225; Against: 37,280,056; Abstain: 1,173,730) .
- Prior cycle: 2023 NEO compensation approved by 89% of votes cast at the 2024 annual meeting, indicating broad support for program design .
Equity Vesting Schedules and Potential Selling Pressure
- PSUs: Cliff-vest after three years (e.g., 2024 PSUs vesting in March 2027), creating lump vest events that can drive periodic Form 4 settlements/sales to cover taxes .
- Options: Annual 20% vesting for recent grants with expirations spanning 2030–2034; significant tranche of options are already exercisable (371,099 within 60 days of Feb 28, 2025), suggesting ongoing capacity for controlled sales; hedging/pledging banned .
Performance & Track Record
- 2024 contributions: Led communications for high-profile events (Paris Olympics streaming milestone) and product initiatives supporting growth priorities across Connectivity & Platforms and Content & Experiences businesses .
- Company performance context: 2024 revenue $123.7B (+1.8% YoY), Adjusted EBITDA $38.1B; continued capital returns ($13.5B) and a 17th consecutive annual dividend increase; Content & Experiences revenue +4.4% to $45.1B; Connectivity & Platforms Adjusted EBITDA +1.9% to $32.8B—metrics tied to incentive plan calibration .
Employment Terms (other provisions)
- Stock award retirement treatment: For post-2023 grants applicable to Ms. Khoury, continued vesting on retirement if “Rule of 70” met (age+service≥70 with minimum age 62 and 5 years service) .
- No automatic acceleration on change-in-control; Board retains discretion; CEO agreement differs (double-trigger) .
Investment Implications
- Alignment: The shift to 100% PSU LTI in 2025, 3x ownership requirement, and hedging/pledging ban increase alignment with long-term TSR and capital efficiency metrics (ROIC, relative Adjusted EPS) .
- Retention risk: Moderate. Two years of salary continuation and bonus protection plus 12 months of continued vesting upon a qualified termination provide retention value; retirement-eligible continued vesting framework further reduces near-term exit risk .
- Selling pressure: Expect episodic stock sales around annual cliff-vesting of PSUs (e.g., 2027) and ongoing option exercises; however, policy controls (pre-clearance, blackout windows, no hedging/pledging) mitigate adverse signaling .
- Governance/say-on-pay: Strong shareholder support (recent approvals) suggests low headline risk from pay practices; peer group benchmarking without explicit high-percentile targeting reduces inflationary pay risk .