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Netflix (NASDAQ:NFLX) co-chief executive Ted Sarandos earned about 1% less in annual compensation for 2023, the streaming giant disclosed on Thursday.
Sarandos’ total compensation for 2023 was $49.8M compared to $50.3M for 2022 and $38.2M for 2021.
Greg Peters, who assumed the role of co-CEO in January last year, saw his 2023 total compensation surge to $40.1M from $28.1M in 2022.
Executive chairman Reed Hastings, who was replaced by Peters as co-top boss, earned $11.3M in compensation for 2023 versus $51.1M in 2022.
Netflix (NFLX) also outlined what it called “significant changes” to its executive compensation program for 2024.
“This past year, the Board, alongside management, continued to actively engage with shareholders to seek their input and provide perspective on our policies and practices. In response, we adopted significant changes to our executive compensation program for our executive officers, Ted, Greg, Reed, (CFO) Spencer Neumann and (chief legal officer) David Hyman, which took effect in 2024,” Netflix (NFLX) lead independent director Jay Hoag said in a regulatory filing.
The changes to the compensation program include:
- Eliminating the ability to allocate compensation between cash salary and stock options for executive officers.
- Limiting guaranteed cash compensation by setting base salary at $3M for the co-CEOs, $100K for the executive chairman, and $1.5M for the other executive officers.
Netflix (NFLX) on Thursday separately reported quarterly results that beat estimates and showed better-than-expected subscriber growth. The streaming giant also said it would stop reporting subscriber numbers in time.
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