Next year’s salary package for Netflix co-CEO and chief content officer Ted Sarandos will consist of $23 million in cash and stock with a target bonus of $17 million, for a total potential compensation of $40 million — which is consistent with his compensation plan for 2022.
Co-CEO and Chairman Reed Hastings is set to receive the same compensation package next year as he did in 2022, which consists of a $650,000 salary and $34 million in stock options. Netflix disclosed the pay packages set by its Board Compensation Committee SEC filing Friday.
In addition, Netflix’s Greg Peters, chief operating officer and chief product officer, could receive up to $24 million ($1.5 million in salary, $12 million in stock options, and $10.5 million in estimated target bonus).
With its 2023 compensation packages, Netflix is reintroducing bonuses to some executives, after putting them on hold for the past several years.
According to a filing with the Securities and Exchange Commission, the Compensation Committee of the Netflix Board of Directors has adopted the following changes to the 2023 compensation program for Hastings, Sarandos, and Peters: (1) allocating a minimum of 50% of the officer’s allocable compensation to stock options; (ii) a salary cap of $3 million in the case of co-CEOs and $1.5 million in the case of Chief Operating Officer; and (iii) an annual performance-based cash bonus program.
For 2023, Sarandos and Peters will participate in the bounty program. Hastings will not be “because his cash compensation is less than the $3 million salary cap,” according to a Netflix fill.
Among the other hired Netflix executives, Chief Financial Officer Spencer Newman will receive $14 million ($7 million in salary and $7 million in stock options), and Legal Director David Heyman will receive $11 million ($4 million salary, $7 million). in stock) and Chief Communications Officer Rachel Whetstone will be paid $6.5 million (5.7 million salary, $800,000 in stock).
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