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Netflix mentioned nowadays it plans to award its co-chief working officials an identical reimbursement applications for 2024 value $40 million every.
Ted Sarandos and Greg Peters will obtain a $3 million base wage; a goal bonus of $6 million; a RSU award with a complete worth of $15.5 million and a PSU award additionally valued at $15 million. The RSUs are time-based limited inventory gadgets. PSUs are performance-based limited inventory gadgets. Netflix calls the applications general goal reimbursement.
The numbers in an SEC submitting mirror adjustments in the best way Netflix can pay its most sensible executives. For one, the board now not lets in pros to selected whether or not they like to be paid in money or inventory. “Traditionally, Govt Officials had been authorised to allocate reimbursement to money wage and inventory choices. The Committee decided to do away with this program characteristic to handle shareholder issues that executives may just make a choice all money reimbursement,” the reimbursement committee mentioned.
Sarandos had opted to take very huge chunks of his wage in money over contemporary years.
Netflix is on my own amongst maximum corporations in expecting pay for the next 12 months, calling the applications general goal reimbursement. The quantity for Hastings, now govt chair, is $1 million. CFO Spencer Neumann is at $15 million; leader criminal officer David Hyman at $11 million.
Reimbursement numbers for corporate’s on a calendar 12 months don’t officially seem for the former 12 months till proxy season within the spring.
A 12 months in the past, Netflix mentioned then co-CEO Reed Hastings would obtain a bundle value $34.6 million in 2023, and Sarandos one valued at $40 million. Hastings stepped again in January and Peters was co-chief govt.
Hastings and Sarandos have been awarded applications topping $50 million every for 2022 – an building up for each from the former 12 months. Sarandos took a base wage of $20 million that 12 months. Netflix mentioned some other exchange is that it now units mounted base salaries of $3 million for the co-CEOs; $100,000 for the manager chair (Reed Hastings) and $1.5 million for its different govt officials.
Media CEO pay has all the time been top and used to be entrance and middle throughout the actors and writers moves. Netflix has observed shareholders vote in opposition to pay a number of occasions over the last few years. The votes at the yearly assembly referred to as say-on-pay don’t seem to be binding.
