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Coming off a turbulent year that saw Netflix’s stock lose more than $50 billion in market share at one point as subscriber growth has faltered, the streaming giant’s top executives saw their total pay packages see a significant bump to cross the $50 million mark in 2022, according to securities filings released on Friday.
Netflix chairman and then-co-CEO Reed Hastings brought in roughly $51.1 million in total compensation last year compared to the $40.8 million he received in 2021. Last year’s compensation was comprised of a $650,000 base salary, roughly $49.4 million in stock options and $1 million coming from other compensation, the majority of which was for the personal use of Netflix’s corporate aircraft and $212 for car services.
Netflix co-CEO Ted Sarandos saw his 2022 pay package hit just under $50.3 million compared to the $38.2 million he brought in the previous year. Of the $50.3 million, $20 million came from the executive’s base salary, $28.5 million from stock options and $1.8 million from other compensation, where $11,299 went to car services, $336,148 to personal use of the company plane and $1,427,129 to residential security costs.
All of Netflix’s top executives saw their total pay packages increase in 2022 compared to the previous year. Former COO Greg Peters, who was promoted to Netflix co-CEO after Hastings stepped down in January, saw his total compensation rise from $20.4 million in 2021 to $28.1 million in 2022, while CFO Spencer Neumann saw his pay bump up from $12.5 million to $17.1 million.
This year’s pay packages will look different, however, as Netflix has placed a $3 million salary cap for its top executives and implemented a requirement that 50 percent of pay packages must be in stock. According to the Friday securities filing, Sarandos is allocating $20 million to stock options and has a $17 million estimated target bonus for 2023. Peters is allocating $17.3 million to stock options and has a $14.3 million estimated target bonus for the year. And now as chairman, Hastings’ salary is dropping to $500,000, with $2.5 million allocated toward stock options.
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