by Christopher Freeburn | January 2, 2013 11:03 am
Netflix (NASDAQ:NFLX) CEO Reed Hastings will likely be paying a lot more taxes in 2013.
The head of the DVD-rental and streaming-video company will see his salary jump from $500,000 last year, to $2 million this year. He’ll also receive $2 million in stock options, up from $1.5 million this year, the Associated Press noted.
Hastings accepted a 43% pay cut last year in the wake of investor fury over the fallout from subscription hikes and a rescinded decision to split the company. Those moves aggravated subscribers, some of whom canceled their service, and caused company shares to tumble more than 70%.
In 2011, Hastings received $3.5 million in total compensation.
While the company expects to add subscribers this year, its shares have not fully recovered from the missteps and remain below $100 a share, a far cry from the nearly $300 a share they traded at in 2011.
Netflix shares rallied in November after activist investor Carl Icahn acquired a 10% stake in the company.
Shares of Netflix rose fractionally in Wednesday morning trading.
Source URL: https://investorplace.com/2013/01/netflix-ceo-to-get-beefy-pay-raise-in-2013/
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