Netflix CEO Reed Hastings Will Have Double The Salary In 2013
Netflix CEO Reed Hastings will have double the salary next year. He will be paid $4 million in 2013 after it doubles. Hastings cut his salary because of management missteps this year. Hastings will get $2 million in salary and $2 million in stock options according to a securities filing. Hastings’ salary was $500,000 and stock options were $1.5 million in 2012. Hastings was paid $3.5 million in 2011 around the time he decided that they would change the price of subscriptions. Netflix’s stock price dropped from $300 to below $70 per share as a result. As of now, Netflix’s stock is trading at around $89.33. Netflix is expected to add around 5 million U.S. subscribers after recovering from the missteps. They will have around 27.1 million total subscribers by the end of the year.