Netflix’s Ted Sarandos, Reed Hastings and other top Netflix corporate executives will not receive salary increases in 2021.
Netflix disclosed Monday in a Securities and Exchange Commission filing that Sarandos, Netflix’s co-CEO and chief content officer, will see his 2021 salary stay the same as 2020 at $20 million. Hastings, co-CEO and chairman, will be flat at $650,000.
The two top executives are also receiving the same allocation of stock options for 2021 as they did this year. Hastings is to receive options currently valued at $34 million. Sarandos’ options are valued at $14.6 million. The two leaders of Netflix have the same total compensation package, at $34.65 million, but Hastings receives more equity coin.
Spencer Neumann, chief financial officer, will see a $50,000 cut in salary versus 2020 but his option allocation has increased by the same amount. He’ll earn $6 million in salary and options valued at $5,550,000.
The compensation package for Greg Peters, chief operating officer and chief product officer, is a carbon copy of this year at $12 million in salary and $6.9 million in options.
David Hyman, general counsel and secretary, is to receive $4.75 million in salary and options. Hyman’s comp for 2020 was not disclosed. In 2019, he earned $3.5 million in salary and $3.85 million in options.
In 2019, Hastings earned $700,000 in salary and $30.8 million in options. Sarandos took in $18 million in salary that year and another $13.5 million in options.
Netflix’s stock option awards are granted on a monthly basis and are fully vested at that time, meaning that the value of the option is the value of Netflix shares on the open market on that date. For 2020, through the close of trading today, Netflix shares have grown a whopping 60% for the year. Shares closed today at $519.12.
(Pictured: Reed Hastings, Ted Sarandos)