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Netflix CEO Reed Hastings Pay Package Rose 5% in 2017, to $24.4 Million

Reed Hastings’ base salary as chairman and CEO of Netflix actually declined in 2017 — but his overall compensation increased 5%, to $24.4 million, the company disclosed in a proxy filing Monday.

Hastings, 57, took home $850,000 in salary (down from $900,000 in 2016) and $23.5 million in stock-option awards reflecting the grant-date value during fiscal 2017 (versus $22.3 million a year prior). As of April 9, Hastings owned 10.76 million Netflix shares, which are currently worth about $3.5 billion.

Per Netflix’s filing, Hastings owns two aircraft which are leased to Netflix by him under time-sharing agreements for business-related travel. In 2017, Netflix reimbursed him $759,164 under the time-sharing agreements.

Ted Sarandos, Netflix’s chief content officer, had a compensation package worth $22.4 million last year, up 18.6% from 2016. His 2017 comp included a $9 million bonus, $12.4 million in stock option awards and a base salary of $1 million.

Among other senior execs, chief product officer Greg Peters also got a pay hike of 15%, with a comp package worth $9.2 million last year. In 2017, that included a $2.76 million bonus, $3.73 million in stock options, and $1.75 million in living allowances and taxes related to Peters’ previous international role for which he was stationed in Japan. Peters assumed the chief product officer job in July 2017, taking over for longtime Netflix exec Neil Hunt.

Meanwhile, CFO David Wells’ total pay package declined 15% in 2017, to $5.2 million, due to lower compensation for international living expenses and taxes. In 2017, Wells received a $2.5 million base salary, $2.1 million in options, and $545,541 in comp for expatriate assignments; in 2016, Netflix had paid Wells $1.5 million for intentional expenses and taxes.

Separately Monday, Netflix announced plans to issue $1.5 billion in new debt financing, its fifth major round of debt funding in a little over three years.

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