Netflix says co-CEOs Reed Hastings and Ted Sarandos will get $34.6 million and $40 million, respectively, in 2023; Forecast according to 2022

Netflix has released estimates for its top executives’ compensation for 2023, with co-CEOs Reed Hastings and Ted Sarandos taking home $34.65 million and $40 million, respectively.

The Board of Directors’ Compensation Committee guidance, released today in an SEC filing, for top executives is 2022. Hastings will receive $650,000 in base salary and $34 million in stock options. Sarandos will receive a $3 million salary, an additional $20 million in options and a $17 million target bonus.

Netflix is ​​one of the few companies that provides guidance on executive compensation rather than reporting figures from prior periods.

Greg Peters, the company’s chief operating officer and chief product and chief overseer of the launch of an ad-supported subscription tier, will receive $24 million in 2023, the same projection the company made for 2022. This total of $1.5 million is the base salary; The options are $10 million and the bonus is $10.5 million. Last year he didn’t get a bonus.

“Rewards in terms of the plan are only paid out upon the achievement of certain performance targets,” says the petitioner. “The committee is the administrator of the plan and assigns each participant a target award and performance targets for a performance period determined by the committee. The estimated target bonus amounts in the table above are estimates only and any actual amounts that may be payable may vary due to factors approved by the Committee in terms of the plan.

The landscape has changed dramatically for Hastings and Sarandos in the past year. Heading into 2022, the company’s stock was still over $600 and the company’s dominance was exemplified by the global success of programs such as Squid Game. In the months that followed, the company reported its first subscriber losses in more than a decade and a poor outlook due to stiff competition. Over the course of the grueling year, co-CEOs began layoffs and eventually took their foot off the accelerator on content spending. Netflix still heads into 2023 as the leader in terms of subscribers, but challenges abound, from password sharing to advertising to video games.