Comcast CEO under fire from investor

By Yinka Adegoke

NEW YORK, Jan 17 (Reuters) - Comcast Corp (CMCSA.O: Quote, Profile, Research, Stock Buzz) Chief Executive Brian Roberts has come under fire from a shareholder who has written to the board demanding that he be replaced and the board re-initiates a stock dividend.

Chieftain Capital, an investment advisory firm that owns around 60 million Comcast shares, or about 2 percent of shares outstanding, called on the board to install a "highly qualified CEO" who will focus on maximizing value for shareholders. The firm has been disappointed with the No. 1 U.S. cable operator's 40 percent drop in share price over the past 12 months.

"We want and deserve the best CEO Comcast's board of directors can find -- and, based on his record, Brian Roberts is not it," Chieftain said in a letter dated Jan. 14 and addressed to J Michael Cook, presiding director on Comcast's board.

New York-based Chieftain slammed Comcast management for a series of missteps which have resulted in "zero return" for shareholders, describing it as a "Comcastrophe."

When asked for comment, Comcast said its management team is focused on executing its strategic plan and investing for profitable growth, and creating long-term shareholder value. It also pointed out a survey by Institutional Investor magazine named Roberts the top cable and satellite CEO of the year.

"We have met with Chieftain and have discussed their perspective on numerous occasions," Comcast said in an e-mailed statement.

"While we have expressed our disagreement with Chieftain's perspective in the past, we will review Chieftain's most recent correspondence and will respond in due course."