With Netflix making big changes — showing commercials, cutting down on password sharing — co-CEO and chief content officer Ted Sarandos is making big changes in the way he gets paid.
According to a filing with the Securities and Exchange Commission, Netflix will pay Sarandos a $3 million salary in 2023, much less than his $20 million salary in 2022.
Sarandos is being allocated stock options worth $20 million, unchanged from this year, but in 2023 he will be looking to get a bonus, unlike last year when he wasn’t part of the bonus program. The target amount is $17 million.
Putting it all together Netflix expects Sarandos' total compensation to be $40 million, the same as in 2022.
Netflix’s chairman and co-CEO Reed Hastings is looking for the same pay as 2022 in the New Year, with a $650,000 salary and stock options worth $34 million.
In 2021, Hasting actually got total compensation of $40.8 million down 6% from 2020. Sarandos’ total compensation fell $3% to $38.2 million.
Greg Peters, COO and chief product officer at Netflix, is following Sarandos’ path for 2023, taking a smaller salary — $1.5 million, down from $16 million in 2022 — but working toward a $10.5 million bonus. Peters is also getting options worth $12 million, up from $8 million last year, for a total of $24 million like in 2022.
CFO Spencer Neuman will again get a $7 million salary and $7 million in stock options.
Chief Legal Officer David Hyman is getting a $4 million salary and $7 million in stock options. He was scheduled to get a $6 million salary and $4 million in stock options in 2022.
Rachel Whetstone, chief communications officer, is set to get a $5.7 million salary and $800,00 in stock options. In 2022 she was supposed to get a $5.5 million salary and $1 million in options. ■
