Large Comcast (CMCSA) Shareholder Is Calling For the Head of CEO Roberts

According to reports from Barron's, large Comcast (Nasdaq: CMCSA) (Nasdaq: CMCSK) shareholder, Chieftain Capital, wants CEO Brian Roberts ousted. The firm also wants the company to return more cash to shareholders through buybacks and dividends, and end the dual-class voting structure.

In the letter, Chieftain was critical of the stock performance, noting that the company's stock price is the same as it was in late 1998. Shares of Comcast are down over 40% over the past year.

The dual-class stock structure gives the Roberts family control of about 33% of the vote, while their economic ownership is just 1%.

In the letter, Chieftain said, "Returns on invested capital have been anemic, high-priced acquisitions have proven a waste of capital, capex has ballooned and free cash flow has consistently disappointed."

Chieftain owns 60.5 million shares of Comcast stock, or about 2%. They have been shareholders for five and a half years.

Link To Barron's Article