Netflix CEO gets pay bump after 2012 cut
LOS ANGELES (AP) - Netflix CEO Reed Hastings' pay will double to $4 million next year, after he took a pay cut due to management missteps this year.
Hastings' annual salary will rise to $2 million in 2013 and he will get $2 million in stock options, according to a securities filing Friday.
That's up from a salary of $500,000 and $1.5 million in stock options for 2012.
Hastings' total pay for 2012 was down 43 percent from $3.5 million in 2011, when some controversial decisions, including a steep price hike on subscriptions, sent the stock spiraling. It fell from a high above $300 to a low below $70 per share.
This year, shares are up 29 percent, closing Friday at $89.33. Recovering from the missteps, the company expects to add around 5 million U.S. subscribers, to between 26.4 million and 27.1 million by the end of the year.
Hastings' annual salary will rise to $2 million in 2013 and he will get $2 million in stock options, according to a securities filing Friday.
That's up from a salary of $500,000 and $1.5 million in stock options for 2012.
Hastings' total pay for 2012 was down 43 percent from $3.5 million in 2011, when some controversial decisions, including a steep price hike on subscriptions, sent the stock spiraling. It fell from a high above $300 to a low below $70 per share.
This year, shares are up 29 percent, closing Friday at $89.33. Recovering from the missteps, the company expects to add around 5 million U.S. subscribers, to between 26.4 million and 27.1 million by the end of the year.
We dropped their streaming service when the price went up. We are on the two video plan and it seems to be adequate what with all the DVR recordings we do from Dish without any of the movie channel subscriptions. Just seems like $2 million a year is a lot of money. I doubt that my wife and I together will hit that amount in our lifetimes.
Netflix is one wrong word away from losing me again. As long as my monthly rate doesn't change and they continue to expand their library of offerings, I'll stay. Hopefully they learned from their awful misstep last year.
 @SoTweetie They really need to expand their library of streaming content.  And stop removing movies/tv shows that were streaming before. Â
Â
Â
@sleever Agreed. I hear they won a bidding war over streaming rights for Disney movies which will, if it's true, hopefully mean the end of those ridiculous "Chop Kick Panda" and "Tappy Toes" knock-off movies.