Posted in: Movies, Netflix, streaming, TV | Tagged: Greg Peters, netflix, streaming, Ted Sarandos

Netflix CEOs Ted Sarandos, Greg Peters Set for $40M 2024 Pay Packages

Netflix CEOs Ted Sarandos and Greg Peters already have their 2024 pay packages in place, with each set for compensation worth $40 million.

With the SAG-AFTRA & WGA strikes behind them, Netflix CEOs Ted Sarandos and Greg Peters already have their 2024 pay packages in place, with each set for compensation worth $40 million. For Sarandos, that puts him at the same rate that received for 2023 – while for Peters (who's coming up on his one-year anniversary as co-CEO in January 2024), it's a 5% increase from 2023's $34.65 million in compensation. For ex-co-CEO & Executive Chairman Reed Hastings, next year brings a compensation package set at $1 million – a drop from 2023's $3 million (and nowhere near what Hastings' compensation target was for 2023 if he remained as co-CEO, which would've been $34.7 million for 2023).

Along with the compensation target packages for next year, the streamer also disclosed that the board's compensation committee had instituted new measures when it came to determining 2024 pay targets. First up, executive officers no longer have the say in compensation in terms of how it breaks down between cash salary and stock options – primarily out of concerns over an executive choosing to go with an all-cash payment. For 2024, annual base salaries of $3 million for the two co-CEOs, $100,000 for Hastings as executive chairman, and $1.5 million for the other executive officers were established.

When it comes to stock-based payment, to committee looked to implement a balance between time-based restricted & performance-based stock awards. "In general, the RSUs will vest quarterly over a three-year period, per Netflix's filing. The performance-based shares will vest 'as to 0% to 200% of the target number' of units depending on Netflix's total shareholder return (TSR) relative to the TSR of the companies in the S&P 500."

So how does all of this break down for Sarandos & Peters? Both will receive a base salary of $3 million, target cash bonuses of $6 million, and stock worth $31 million. As executive chairman, Hastings will receive $100,000 in salary, a $200,000 bonus, and $700,000 in stock. In addition, CFO Spencer Neumann is looking at $15 million total ($1.5 million salary, $3 million bonus & $10.5 million in stock), while David Hyman, chief legal officer & secretary, is eyeing $11 million ($1.5 million salary, $3 million bonus & $6.5 million in stock) for next year.

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