After a turbulent year in which Netflix’s stock at one point lost more than $50 billion in market share as subscriber growth faltered, the streaming giant’s top executives saw their total compensation packages take a significant bump to cross the $100 mark by 2022. 50 million, according to securities filings released Friday.
Netflix chairman and then-co-CEO Reed Hastings brought in about $51.1 million in total compensation last year compared to the $40.8 million he received in 2021. Last year’s compensation consisted of a base salary of $650,000, approximately $49.4 million in stock options and $1 million from other compensation, most of which was for personal use of Netflix’s corporate jet and $212 for car services.
Netflix co-CEO Ted Sarandos saw his 2022 compensation package come in at just under $50.3 million, compared to the $38.2 million he brought in last year. Of the $50.3 million, $20 million came from the executive’s base salary, $28.5 million from stock options, and $1.8 million from other compensation, of which $11,299 went to car services, $336,148 to personal use of the company jet and $1,427,129 in residential security costs.
All of Netflix’s top executives saw their total compensation package increase in 2022 compared to the previous year. Former COO Greg Peters, who was promoted to co-CEO of Netflix after Hastings stepped down in January, saw his total compensation rise from $20.4 million in 2021 to $28.1 million in 2022, while CFO Spencer Neumann saw his salary increase from $12.5 million to $17.1 million.
This year’s pay packages will look different, however, as Netflix has imposed a $3 million salary cap on its top executives and introduced a requirement that 50 percent of pay packages must be in stock. According to Friday’s securities filing, Sarandos allocates $20 million in stock options and has an estimated target bonus of $17 million for 2023. Peters allocates $17.3 million in stock options and has an estimated target bonus of $14.3 million for the year . And now as chairman, Hastings’ salary drops to $500,000, with $2.5 million allocated to stock options.