Netflix CEOs Ted Sarandos and Reed Hastings See Pay Fall in 2021 – The Hollywood Reporter

Netflix co-CEOs Reed Hastings and Ted Sarandos have seen their compensation packages drop in 2021, as the streaming giant sees subscriber growth slow.

That said, Hastings still brought in $40.8 million, while Sarandos earned $38.2 million. Hastings received an annual salary of $650,000 and a stock bonus of $39.7 million, while Sarandos received a $20 million salary and $17.1 million in stock bonuses. The company also covered nearly $900.00 in security costs for Sarandos.

Other top Netflix executives also get pay cuts in 2021. Chief Financial Officer Spencer Neumann is paid $12.5 million, while COO and chief product officer Greg Peters gets $20.4 million. .

Netflix has had a rough 2021, with subscriber growth barely falling short of expectations and the company predicting more modest growth going forward. The company’s stock price has fallen, with streamers turning to other areas like video games to try and drive growth and subscriber retention.

However, the company still has some real believers. Most notably, Hastings himself bought $20 million in stock earlier this year when it was plunging. Hedge fund giant Bill Ackman also bought more than $1 billion in Netflix stock, arguing that streaming growth is a long game.

Netflix’s board also made several proposals to give shareholders more oversight over the company. Proposals include changing the structure of the board of directors so that all directors stand for election each year (currently only a handful of people run for office in a given year, with terms varying). The board also wants shareholders to vote on removing the majority requirement and another proposal for shareholders to call a special meeting.