Netflix's Reed Hastings and Ted Sarandos both saw double-digit increases in their compensation packages for 2022, with their total pay topping $50 million each.
Greg Peters, formerly chief product officer and COO, was named co-CEO alongside Sarandos. In 2023, Peters will see his compensation package increase from $28.1 million in 2022 to up to $34.65 million as co-CEO .
In the proxy statement, Netflix said that “in response to feedback” from shareholders, the company adopted changes to its executive compensation program for 2023, which includes for Hastings, Sarandos and Peters a minimum 50% allocation to stock options, a salary cap of $3 million, an annual performance-based cash bonus program and a one-year vesting period for stock options.
Netflix said the 2022 annual total compensation for the company’s median employee was $218,400. The estimated ratio of its co-CEOs’ annual total compensation to the median employee’s annual total compensation for fiscal year 2022 was 234:1 in the case of Hastings, and 230:1 in the case of Sarandos.
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