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

Variety logo Variety 4/24/2017 Todd Spangler
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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.

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