Netflix co-CEOs Reid Hastings and Ted Sarandos each saw a slight decline in their total compensation in 2021 compared to 2020, according to a new SEC filing.
The company’s initial proxy statement said Hastings earned $ 40.8 million last year, compared to $ 43.2 million in 2020. Sarandos raised 38.2 million, down from 39.3 million. Last December, Netflix released guidelines for executive compensation, as is its custom. With that view, Hastings ‘salary is expected to be $ 34 million, while Sarandos’ is expected to be $ 40 million.
The salary structure of the company’s co-heads is different. Sarandos earned a salary of 20 million, with most of his compensation coming in the form of alternative rewards. Hastings, who co-founded the company, received a salary of $ 650,000, with an alternative reward of more than $ 37 million.
Chief Product Officer Greg Peters was the next-highest paid Netflix executive, although his package also fell nearly $ 400,000 to $ 20.4 million.
Netflix’s stock price, which helps determine the price of the executive pay package, has declined recently. Last January, when the company reported a softer customer outlook, shares tumbled more than 20%, erasing all their profits during the Covid. They ended today at $ 355.88, down about 2%.
In addition to the executive compensation, the proxy statement said the company would hold its annual shareholder meeting on June 2.
Among the agenda items will be selection of board members, including former Netflix Chief Marketing Officer Leslie Kilgore and former Pixar CFO Ann Mather.
