Here's how much Netflix's co-CEOs and other executives made last year

By Emily Bary

Co-CEO Greg Peters saw a 43% pay bump upon assuming new position, while Reed Hastings saw a big compensation decline as he left the top role

Greg Peters got a nearly 43% pay bump in 2023 after was elevated to co-chief executive for nearly all of the year, Netflix Inc.'s latest proxy filing showed.

Peters' total compensation for the year was $40.1 million, up from $28.1 million a year before. He brought home $2.9 million in salary, while $22.7 million of his compensation came from option awards, $13.9 million came from non-equity incentive-plan compensation and about $621,000 came from use of Netflix's (NFLX) aircraft.

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The other CEO, Ted Sarandos, saw nearly flat total pay, though the structure was different in 2023, the proxy, released Thursday afternoon, indicated.

His total compensation dipped to $49.8 million from $50.3 million, as his salary fell sharply as part of a corporate rebalancing of salary relative to total compensation. Sarandos' salary was $3 million in 2023, down from $20 million in each of the prior two years. And while his option awards were largely consistent with the prior year's at over $28 million, Sarandos booked $16.5 million in non-equity incentive plan compensation, whereas he didn't have any the year before.

His compensation also included about $2 million from other sources, including use of company aircraft and third-party security.

Meanwhile, Executive Chair Reed Hastings saw his total pay drop to $11.3 million from $51.1 million a year before, as he transitioned out of the CEO role. The change largely reflected a dramatic decline in option awards.

Chief Financial Officer Spencer Neumann's total compensation was essentially unchanged at $17.0 million.

The proxy filing came out shortly after Netflix posted its first-quarter results, which brought better-than-expected subscriber performance but a mixed outlook.

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The stock was dropping more than 4% in after-hours trading Thursday.

-Emily Bary

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04-18-24 1909ET

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