The co-founder's base pay drops from $3 million to $1 million

Netflix has cut the base pay for CEO Reed Hastings from $3 million per year to $1 million, the company said in a regulatory filing on Monday.

The move comes just one year after the board boosted Hastings' salary to $3 million from $2 million.

Shares of Netflix rose 297 percent in 2013 but have fallen 9 percent so far this year.

Chief content officer Ted Sarandos is also taking a cut in base pay to $1 million. A year ago, he got a boost to $2.8 million from $2.2 million.

Both executives, though, have the opportunity to earn far more in total compensation.

Hastings will receive an annual stock option allowance of $13.7 million while Sarandos gets $9.6 million in that category. Sarandos also has an estimated target bonus of $2 million, according to Monday's filing.

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