Netflix’s Reed Hastings, Ted Sarandos to See Pay Hiked in 2020 to $34.7 Million Each
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Netflix’s two highest-paid execs next year again are set to be CEO Reed Hastings and chief content officer Ted Sarandos.
The streamer disclosed compensation of its four top execs in an 8-K filing Monday, as approved by the board of directors’ compensation committee.
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Hastings is to receive a salary of $650,000 and $34 million in stock options — for a total of $34.65 million — while Sarandos will hit the same total figure with a $20 million salary and $14.65 million in stock-option allocations.
In 2019, both Hastings and Sarandos were set to receive $31.5 million in total comp. For 2018, Hastings’ total compensation soared 48% — to $36.1 million. The value of Sarandos’ total compensation package increase 32%, to $29.6 million.
Netflix also disclosed the pay package for chief product officer Greg Peters, who is to receive $18.9 million ($12 million in salary and $6.9 million in stock) next year, and CFO Spencer Neumann, who is set to receive $11.55 million ($6.05 million in salary and $5.5 million in stock options) after joining the company in January 2019.
In 2017, the company said it was eliminating performance bonuses and instead would deliver all cash compensation as salary.
Netflix said the number of options granted to the execs each month will be determined based on the fair market value on the date of grant multiplied by 0.4. The stock options are granted fully vested and can generally be exercised up to 10 years following the date of grant, “regardless of employment status,” according to the company.
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