Fired NBCUniversal CEO Jeff Shell’s sexual misconduct with CNBC anchor Hadley Gamble may have cost him $25 million, filings by parent company Comcast show.
Comcast terminated Shell “with cause,” according to a filing released Monday. Shell admitted to an “inappropriate relationship” in a statement shared with employees Sunday, and Comcast characterized his departure as “mutually agreed.” Additionally, a lawyer for Gamble identified her as the individual involved Monday, saying that she had made a complaint of sexual harassment to the company.
Shell’s 2020 employment agreement, instituted after Comcast elevated him to CEO of NBCUniversal, provides several reasons why he could be terminated with cause. They include “commission of any act or involvement in any situation, or occurrence… which brings Employee or the Company into widespread public disrepute, contempt, scandal or ridicule, or which justifiably shocks, insults or offends a significant portion of the community” as well as any “material violation of the Employee Handbook, the Code of Conduct or any other written Company policy.”
According to Comcast’s 2022 proxy statement, Shell was paid $21.6 million in 2021 and would have been eligible for a $25 million payment if he were terminated without cause or resigned with good reason, including continuation of salary, payment of a cash bonus and other consideration. His employment agreement provides for the payment of a prior-year bonus even under termination with cause.
Comcast hasn’t released its 2023 proxy statement, which should include details of Shell’s 2022 compensation. A representative for Shell didn’t immediately respond to TheWrap’s request for comment.
Despite the above, even terminations with cause can be negotiated. The Wall Street Journal reported Monday that the company doesn’t intend to pay Shell severance, though he may be eligible for other payments. Comcast declined to comment on Shell’s eligibility for compensation after his termination.
Shell is just the latest in a series of prominent media executives to lose jobs or face other punishment after accusations of sexual misconduct. One of those figures, former CBS CEO Les Moonves, sought a $120 million severance payment from that company, but was ultimately unsuccessful in the request.
