A laptop computer screen displaying the Netflix homepage stands against an illuminated screen bearing the company logo in this arranged photograph in London, U.K. (Photographer: Chris Ratcliffe/Bloomberg)

Netflix Awards $11.7 Million Pay Package to Incoming CFO Spencer Neumann

(Bloomberg) -- Netflix Inc.’s Spencer Neumann will get $10 million in annual pay and receive an additional $1.7 million bonus as chief financial officer.

Neumann’s yearly compensation will be split between a salary and stock options, the Los Gatos, California-based firm said Monday in a regulatory filing. The options vest immediately upon being granted.

Netflix Awards $11.7 Million Pay Package to Incoming CFO Spencer Neumann

Netflix hired Neumann last week, just days after Activision Blizzard Inc. abruptly put him on leave and then fired him for cause. Neumann, who was the entertainment software firm’s CFO, had a contract provision barring him from negotiating with other potential employers, except during the final six months of his tenure.

Netflix said about a year ago it would scrap cash bonuses for top executives and instead boost their salaries. It now pays some of the biggest fixed salaries among publicly traded U.S. firms, while other companies tend to emphasize incentive awards tied to performance goals.

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