13:29 PST 12/28/2020
in
Natalie Jarvey
Reed Hastings and Ted Sarandos will see their pay unchanged next year, with CFO Spencer Neumann earning more than $ 11.5 million.
Netflix co-CEOs Reed Hastings and Ted Sarandos will see their 2021 pay unchanged from 2020.
Executives are expected to earn $ 34,650,000 next year, according to a regulatory document published on December 28. Hastings’ pay consists of $ 34 million in stock options and $ 650,000 in base salary, while Sarandos will receive a base salary of $ 20 million and $ 14,650,000 in stock options.
These numbers are the same as the company said Hastings and Sarandos would win in 2020. With much of their executive compensation tied to stock options, the final compensation for the company’s top executives can vary widely. The company typically discloses the previous year’s compensation to its senior executives in its April power of attorney. In April 2020, Netflix reported that Hastings earned $ 38.6 million in fiscal 2019 and Sarandos earned $ 34.7 million.
This will be the first full year in which Sarandos will serve as co-CEO alongside Netflix founder Hastings. The content director was promoted to the role over the summer.
CFO Spencer Neumann, whose hiring of Activision at the end of 2019 is now the subject of a lawsuit, is expected to earn $ 11,550,000 in 2021, of which $ 6 million in salary and $ 5,550,000 in stock options. Product director Greg Peters will receive $ 12 million in salary and $ 6.9 million in stock options, while legal director and secretary David Hyman will receive a salary of $ 4.725 million and the same amount in stock options.
Netflix, which has 197 million subscribers, has seen its inventory grow this year amid the global pandemic as it benefits from the continued shift to streaming. The shares were up more than 63 percent in the year.
Alex Weprin contributed to this report.