Netflix Raises Total Pay for Hastings and Sarandos in New Year

(Bloomberg) -- Netflix Inc. boosted the total pay for Chief Executive Officer Reed Hastings and Chief Content Officer Ted Sarandos, giving both increases in annual stock options.

Hastings, who co-founded the company, will get $34 million in stock options, a 10% increase from 2019, according to a filing Monday. His salary is dipping slightly to $650,000. The bigger earner of the two, Sarandos will see his salary go up up by 11% to $20 million, while his option grants will rise 8.5% to $14.65 million.

The streaming giant has used a December filing to announce its executive pay in recent years. The company’s new chief financial officer, Spencer Neumann, will get $6.05 million in pay and $5.5 million in options, topping his predecessor. Chief Product Officer Greg Peters, meanwhile, is getting a 10% boost in salary to $12 million and a slight increase in options to $6.9 million.

Shares of Los Gatos, California-based Netflix have risen 24% this year, trailing the 29% rise in the S&P 500 Index. The stock rose 39% in 2018.

To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum

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