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Netflix co-CEOs Reed Hastings and Ted Sarandos each saw their compensation rise in 2020, as the pandemic pushed Netflix to new subscriber heights.
Hastings earned $43.2 million, compared to the $38.6 million package that he made in 2019. Meanwhile, Sarandos, who was named co-CEO over the summer, saw his pay package rise to $39.3 million, compared with the $34.7 million he made in 2019.
Hastings had a base salary of $650,000, with the rest of his compensation coming in the form of stock options. Sarandos, by contrast, had a base salary of $20 million, with another $18 million coming in the form of stock. He also received nearly $1 million for security costs.
Netflix disclosed the pay packages for other top executives as well. CFO Spencer Neumann made $12.9 million during the year, and COO and chief product officer Greg Peters made $20.8 million.
The streaming giant had a strong 2020 amid the global coronavirus pandemic, adding a record 37 million subscribers and passing the 200 million paid membership benchmark. The company, which made waves with docuseries Tiger King during the early days of the pandemic and closed the year with Shonda Rhimes-produced Bridgerton, saw its stock price grow by 60 percent in 2020. Netflix has also said that it is close to becoming free-cash-flow positive and will no longer have to raise external financing to fund its day-to-day operations.
The company’s stock price reflected its performance, starting the year at $345 per share, and ending it above $530 per share.
Netflix pre-announced in December 2019 that it expected both Hastings and Sarandos to make $34.65 million during 2020. The company has already disclosed that the co-CEOs’ pay packages are expected to remain unchanged in 2021.
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