×
You will be redirected back to your article in seconds

Netflix CEO Reed Hastings Pay Package Rose 39% in 2016, to $23.2 Million

Netflix co-founder and CEO Reed Hastings saw his total compensation rise 39% last year, to $23.2 million, after an increase in stock option awards, the company disclosed in a regulatory filing Monday.

Hastings, 56, earned a baseline salary of $900,000 plus option awards totaling $22.3 million in 2016, according to the filing. In 2015, the Netflix boss streamed in a compensation package worth $16.63 million, including $15.5 million in options.

In addition, Netflix in 2016 reimbursed Hastings $358,315 for the company’s use of his airplane — leased to Netflix by him under a time-sharing agreement — for business-related travel by Hastings and other Netflix employees.

Ted Sarandos, Netflix’s chief content officer, received $18.9 million in total compensation last year, up 35% from 2015. Sarandos’ package includes a salary of $1 million, a $4 million cash bonus, and $13.9 million in stock awards. For 2017, Netflix estimated that Sarandos will be eligible for a target bonus of $9 million.

Meanwhile, the pay package for Neil Hunt — who is exiting as Netflix’s chief product officer this summer after 18 years with the company — increased 4.4%, to $8.8 million (including a $5.25 million cash bonus and $2.55 million on stock options).

Greg Peters, Netflix’s international development officer who has been named to replace Hunt, had $8.0 million in total comp for 2016 (up 43%). That included a salary of $1 million, options worth $3.87 million, a $1.5 million bonus, and $1.66 million “for living allowance and taxes paid by the company to tax-equalize the employee for an expatriate assignment.” Peters has been based in Japan since 2015, leading development efforts in Netflix’s Tokyo office.

CFO David Wells earned $6.11 million in total compensation last year, an increase of 46% from 2015. Wells’ pay package for 2016 included a salary of $2.4 million, options worth $2.15 million, and (as with Peters) $1.54 million for living expenses and taxes paid by Netflix to offset costs for work performed outside the U.S.

Popular on Variety

More Digital

  • Netflix-logo-N-icon

    Netflix Is Testing Human-Curated 'Collections'

    Netflix, a company powered by the strategic use of data, relies on artificial intelligence to suggest new content that its streaming customers are likely to be interested in. Now it’s looking to potentially add a human touch: The company has launched a limited-scale test of “Collections,” a new feature that presents groups of movies and [...]

  • wolves in the walls emmy

    Neil Gaiman VR Experience 'Wolves in the Walls' Wins Primetime Emmy

    “Wolves in the Walls,” the virtual reality (VR) experience based on Neil Gaiman’s children’s book by the same name, has been awarded with a Primetime Emmy for outstanding innovation in interactive media. The experience has been produced by San Francisco-based immersive entertainment startup Fable, which puts a big effort on making the viewer a participating [...]

  • The Void San Francisco

    The Void Teams Up With Sony Pictures for New Location-Based VR Experience

    James Murdoch-backed virtual reality (VR) startup The Void has teamed up with Sony Pictures Virtual reality to produce a new location-based VR experience, according to Curtis Hickman, the startup’s chief creative officer. Hickman revealed the partnership in a conversation with Variety this week, during which he also outlined plans to bring more original IP to [...]

  • US President Donald J. Trump speaks

    Apple Stock Down 4.6% After Trump ‘Orders’ Companies to Leave China

    Apple’s share price was down around 4.6% Friday at the close of the market, to $202.64 per share, after President Trump took to Twitter to “order” U.S. companies to leave China. The slide came amid a market-wide sell-off, with the NASDAQ sliding 3%, and the Dow dropping 623 points. Trump’s edict was a response to [...]

  • Former head of CAA China Peter

    Peter Loehr to Spearhead Asia Expansion of Genies Avatar Venture (EXCLUSIVE)

    Peter Loehr, the former head of CAA in China, and seasoned music executive John Possman have been tapped by digital avatar company Genies to lead its expansion into Asia. The company’s proprietary avatar technology allows users to express ideas, thoughts and feelings in a different way from text, audio and video. Within the app and [...]

  • Tim Connolly - Quibi

    Quibi Head of Partnerships and Advertising Tim Connolly Departs

    Tim Connolly, the former Hulu exec who joined Quibi last year as head of partnerships and advertising, is leaving the mobile TV subscription startup founded by Jeffrey Katzenberg. Connolly’s exit comes eight months ahead of Quibi’s planned April 2020 debut. A Quibi rep declined to comment on his departure, which was first reported by Business [...]

More From Our Brands

Access exclusive content