Here's how much Netflix's co-CEOs and other executives made last year
By Emily Bary
Co-CEO Greg Peters saw a 43% pay bump upon assuming new position, while Reed Hastings saw a big compensation decline as he left the top role
Greg Peters got a nearly 43% pay bump in 2023 after was elevated to co-chief executive for nearly all of the year, Netflix Inc.'s latest proxy filing showed.
Peters' total compensation for the year was $40.1 million, up from $28.1 million a year before. He brought home $2.9 million in salary, while $22.7 million of his compensation came from option awards, $13.9 million came from non-equity incentive-plan compensation and about $621,000 came from use of Netflix's (NFLX) aircraft.
Opinion: Why Netflix's big planned change to its earnings reports is a bad sign
The other CEO, Ted Sarandos, saw nearly flat total pay, though the structure was different in 2023, the proxy, released Thursday afternoon, indicated.
His total compensation dipped to $49.8 million from $50.3 million, as his salary fell sharply as part of a corporate rebalancing of salary relative to total compensation. Sarandos' salary was $3 million in 2023, down from $20 million in each of the prior two years. And while his option awards were largely consistent with the prior year's at over $28 million, Sarandos booked $16.5 million in non-equity incentive plan compensation, whereas he didn't have any the year before.
His compensation also included about $2 million from other sources, including use of company aircraft and third-party security.
Meanwhile, Executive Chair Reed Hastings saw his total pay drop to $11.3 million from $51.1 million a year before, as he transitioned out of the CEO role. The change largely reflected a dramatic decline in option awards.
Chief Financial Officer Spencer Neumann's total compensation was essentially unchanged at $17.0 million.
The proxy filing came out shortly after Netflix posted its first-quarter results, which brought better-than-expected subscriber performance but a mixed outlook.
Netflix earnings: Stock drops as big subscriber gains are outweighed by outlook
The stock was dropping more than 4% in after-hours trading Thursday.
-Emily Bary
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