logo
Share SHARE
FONT-SIZE Plus   Neg

Netflix Doubles CEO Hastings' Pay For 2013 To $4 Mln

Online video service provider Netflix Inc. (NFLX) has doubled Chief Executive Officer Reed Hastings' compensation package for 2013, compared to the preceding year.

In a filing with the Securities and Exchange Commission on Friday, Netflix said that Hastings' annual salary will be $2 million, while his annual stock option allowance will also be $2 million. Thus, his total compensation package for the year will be $4 million, compared to $2 million for 2012.

For 2012, Netflix had reduced the annual stock-option allowance for Hastings to $1.5 million from $3 million in 2011, while his annual salary was unchanged from the previous year at $500,000.

In early December, Hastings received a "Wells Notice" from the SEC indicating that the agency may bring a civil action against the company and Hastings over a July Facebook post by Hastings that allegedly violated Regulation Fair Disclosure.

Hastings had disclosed in a Facebook post on July 3 that customers watched over 1 billion hours of videos on Netflix in June. The SEC believes that was material investor information that must be disclosed in a regulatory filing or press release.

In November, Netflix adopted a stockholder rights plan, known as a 'poison pill,' to protect the company from a possible hostile takeover by activist investor Carl Icahn, who acquired a nearly 10 percent stake in the company.

NFLX closed Friday's trading at $89.33, down $1.17 or 1.29 percent on a volume of 1.59 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Maternity leave is a temporary period of absence from employment granted to expectant or new mothers during the months immediately before and after their pregnancy. Parental leave, including maternity, paternity and adoption leave, is an employee benefit. Many countries around the world, including... Texas, the second largest state in the U.S., has four of the five fastest-growing cities in the U.S., according to new population estimates released Thursday by the U.S. Census Bureau for the twelve months up to July 1, 2016. Ten of the fifteen fastest growing large U.S. cities during that 12-month span were in the South, according to the Census Bureau. To book-lover's surprise, online retailer Amazon opened another bricks and mortar store in an upmarket shopping mall in New York. This is the seventh book store of Amazon.
comments powered by Disqus
Follow RTT