Netflix co-CEO Ted Sarandos is set to out-earn his colleague and co-CEO Reed Hastings in 2022.
The executives are expected to earn $40 million and $34.6 million, respectively, next year, according to a regulatory filing that was published Tuesday afternoon. Hastings’ pay is made up of $34 million in stock options and $650,000 in base salary, while Sarandos will take a $20 million base salary and $20 million in stock options.
In 2020, Hastings’ total compensation was $43.2 million and Sarandos took home $39.3 million. The company typically reveals the previous year’s compensation for its senior executives in its proxy filing in April. Because the value of the stock can fluctuate, the final compensation numbers can change.
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This year was a significant one for the streaming service, the first full year with Sarandos as co-CEO. The company also continued to deal with pandemic headwinds, as production delays and a pull forward in subscribers in 2020 led the company to see its growth slow somewhat. The company revised its estimates to account for more modest subscriber growth later in the year, even as it brought in record revenues.
The year also saw Netflix make a flurry of acquisitions, buying the Roald Dahl Story Company, which holds the rights to Charlie and the Chocolate Factory, Matilda, The BFG, Fantastic Mr. Fox and other stories from Dahl. The company also announced an expansion into video games, acquiring Night School Studio and debuting a handful of mobile games last month, including a Stranger Things title.
Other Netflix executives will see their 2022 pay mostly on par with last year’s, including CFO Spencer Neumann, who will earn $14 million split evenly between stock and salary, COO and chief product officer Greg Peters, who will take a $16 million salary and $8 million in stock, and chief legal officer David Hyman, who is set to receive a $6 million salary and $5 million in stock.
