Talk about a low profile: Mike Armstrong has quietly resigned his post as
chairman of Comcast Corp.
The former CEO of AT&T Corp has elected to demote himself to the post of
nonexecutive chairman of the board of directors.
Armstrong got Comcast’s "top" slot last November when the MSO acquired ailing
AT&T Broadband -- a move that allowed Armstrong to save face while not
having to grapple with the AT&T operations.
It was supposed to be a two-year gig, giving Armstrong a New York office
(Comcast is based in Philadelphia) and not a whole lot to do.
The advantage of stepping down: His contract gave him an immediate $10
million payout, a mix of old options and cash.