Netflix co-CEOs Reed Hastings and Ted Sarandos saw their compensation packages decline in 2021 as the streaming giant’s subscriber growth slow.
That being said, Hastings still took home $40.8 million, with Sarandos earning $38.2 million. Hastings took a $650,000 annual salary and $39.7 million in stock awards, with Sarandos taking a $20 million salary and $17.1 million in stock awards. The company also covered nearly $900,00 in security costs for Sarandos.
Other top Netflix executives also saw their pay decline in 2021. CFO Spencer Neumann was paid $12.5 million, while COO and chief product officer Greg Peters received $20.4 million.
Netflix had a tough 2021, with subscriber growth mostly missing expectations, and with the company predicting more modest growth going forward. The company’s share price has fallen, with the streamer moving into other areas like video games to try and kickstart subscriber growth and retention.
Still, the company has some true believers. Most notably, Hastings himself bought $20 million in stock earlier this year when it was slumping. Hedge fund giant Bill Ackman also bought more than $1 billion in Netflix stock, arguing that streaming growth is a long-term play.
Netflix’s board also released a handful of proposals meant to give shareholders more oversight of the company. The proposals included changing the structure of the board so that all directors stand for election each year (right now only a few are up for election in a given year, with staggered terms). The board also wants shareholders to vote on removing the requirement for a supermajority to pass, and another proposal to let shareholders call a special meeting.
