Mike Armstrong is leaving


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Armstrong, 66, won't stand for re-election at a June 1 shareholder meeting. The Philadelphia cable giant made the announcement in a postclose press release Friday. Comcast named him director emeritus in recognition of his work there.

"Mike has been a tremendous asset to Comcast and our Board throughout the Broadband integration," CEO Brian Roberts said. "He has been a valuable advisor and strong partner in integrating the governance of our two companies, and I'm delighted he'll continue to share his expertise and insight as Director Emeritus."

Armstrong made his name, such as it is, by taking over as chief of


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in the late 1990s and leading the company on an ill-fated multibillion-dollar plunge into the cable business. Things didn't work out and Armstrong ended up coming aboard at Comcast after the company bought AT&T Broadband in 2002.

Armstrong, whose failed foray into cable ended in the telco's humiliating reverse stock split,

walked away from Ma Bell in 2003 with a $2.5 million "completion bonus."

On Friday, Comcast slipped 21 cents to $33.07.