The work of the co-CEOs of Netflix, Ted Sarandos and Greg Peters, will be rewarded in 2024 with a total payment of 40 million dollars (about 37 million euros), which includes their salary, bonuses and compensation in shares of the company itself of entertainment.
The streaming platform presented a report this Friday to the Stock Exchange Commission (SEC) in which the salary of Sarandos and Peters was estimated at 3 million dollars each, plus an individual bonus of another 6 million and 31 million dollars in stock compensation.
In addition, the letter details that the company has decided to eliminate this year the possibility that executives can choose whether they prefer to receive the latter concept in cash or in shares of the company.
“The committee decided to eliminate this feature of the program to allay shareholder concerns that executives could choose to collect all compensation in cash,” the text reads.
Sarandos, who had asked for cash payment the last few times, will be paid the same amount as he was in 2023, while Peters had an increase compared to the total $34.65 million he received this year.
Likewise, Reed Hastings, the Netflix co-founder who resigned from his position as CEO in January of this year to take the position of executive chairman of the board of directors, is entitled to $100,000 in salary, plus bonuses and equity awards that, together With the salary, they add up to 1 million dollars.
The company also set the salary of CFO Spencer Neumann, who will be paid a total of $15 million in 2024.
Netflix announced in October that it reached 247.1 million subscribers during the third quarter of 2023, 10.8% more than the same period last year, despite great uncertainty about the impact of the Hollywood strikes on the first streaming service in the world.
The company then achieved a net profit of $1,677 million and revenue of $8,542 million, which represents an increase of 7.8% compared to the third quarter of 2022.