Netflix co-CEOs Ted Sarandos and Greg Peters
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In 2023, Netflix’s then-new co-CEO Greg Peters predicted his total compensation target would increase from $26 million the year before to $40 million.
Co-CEO Ted Sarandos will bring in $49.8 million in 2023, including $3 million in base salary, $28 million in stock compensation, $16.5 million in annual bonuses, and $2 million in all other compensation. That’s down from $50.3 million a year earlier.
Sarandos’ compensation package includes “$13,200 in matching contributions made under the Company’s 401(k) plan, $55,913 in auto services, $620,013 in personal use of company aircraft, and Sarandos’ contributions to third-party services. Includes $1,295,805 in home security fees paid to providers.” According to the proxy filing, the company will be valued based on the company’s total incremental costs.
Peters’ salary package included a base salary of $2.89 million, stock awards of $22.7 million, bonuses of $13.9 million and other compensation totaling $620,602.
Reed Hastings, who will step down as co-CEO and is currently the company’s executive chairman, is expected to see his compensation decrease from $51 million to $11.9 million annually in 2023. is.
In December, the company approved a target compensation package for Sarandos and Peters worth $40 million for 2024.
In response to shareholder concerns, the company changed the way its pay packages are distributed, setting a starting salary of $3 million, a performance-based cash bonus target of $6 million, restricted stock units and performance-based bonuses. The stock units were valued at $15.5 million each. This year’s CEO testimonials.
Sarandos previously received a cash salary of $20 million and the rest in stock.
The 2023 CEO compensation was revealed in a filing Thursday when the company reported first-quarter earnings. Netflix reported $9.4 billion in revenue and $2.6 billion in operating income, both increases from the previous year, and added 9.3 million new subscribers.
