Netflix Sets Pay for Reed Hastings, Ted Sarandos at $34.7 Million

(L-R) Reed Hastings (Netflix CEO) and Ted Sarandos (Netflix Chief Content Officer) attend the "Marseille" Netflix TV Series World Premiere At Palais Du Pharo In Marseille, on May 4, 2016 in Marseille, France.
Netflix Co-CEOs Reed Hastings (left) and Ted Sarandos (Image credit: Stephane Cardinale/Corbis/Corbis via Getty Images)

Netflix said that Reed Hastings and Ted Sarandos, the streaming company’s co-CEOs, will each earn $34.65 million for 2021, according to a filing with the Securities and Exchange Commission.

The amount is unchanged from the compensation they were scheduled to get in 2020.

Hastings will get an annual salary of $650,000 plus an allocation of stock options worth $34 million as his compensation package.

Also Read: Netflix Promotes Sarandos to Co-CEO with Hastings

Sarandos’ salary will be $20 million. He will also get stock options worth $14.65 million.

Hastings, who is also chairman of the board, will earn a bit less than the $38.6 million he got in 2019, according to the company’s most recent proxy statement. Sarandos, who was elevated to CEO this year and remains chief content officer, will earn the same amount as in 2019.

Netflix also said that CFO Spencer Neumann will get a salary of $6 million and stock options worth $5.55 million; Gary Peters, COO and chief product officer, will get a salary of $12 million and options worth $6.9 million. And chief legal officer David Hyman will get a salary of $4.725 million and $4.725 millions in options.

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.