Netflix Pay: Greg Peters Hit $40M in First Year as Co-CEO, Ted Sarandos Saw $49.8M In 2023

In 2023, the then-newly named Netflix co-CEO Greg Peters saw his total target compensation package grow to $40 million up from $26 million the prior year.

Co-CEO Ted Sarandos brought in $49.8 million in 2023, with a base salary of $3 million, $28 million in stock awards, an annual bonus of $16.5 million and all other compensation totaling close to $2 million, down from $50.3 million the prior year.

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Sarandos’ all other compensation includes, “$13,200 representing our matching contribution made under our 401(k) plan, $55,913 for car services, $620,013 for personal use of company aircraft, and $1,295,805 in residential security costs paid to a third-party provider by the Company valued on the basis of aggregate incremental cost to the Company,” per a proxy filing.

Peters’ pay package included a base salary of $2.89 million, stock awards of $22.7 million, a bonus of $13.9 million and all other compensation totaling $620,602, which relates to use of the company aircraft.

Reed Hastings, now the company’s executive chairman who stepped down from the co-CEO slot as Peters took over the title, saw his pay package fall to $11.9 million in 2023, down from $51 million a year.

In December, the company approved target compensation packages worth $40 million for Sarandos and Peters for 2024.

In response to shareholder concerns, the company changed the way it allocated the pay packages starting and set salaries of $3 million, with performance-based cash bonuses with a target of $6 million and restricted stock units and performance stock units worth $15.5 million each for both of the CEOs for the year.

In the past, Sarandos had taken a cash salary of $20 million, with the remainder of his pay in stock.

The 2023 CEO pay was disclosed in a filing Thursday, as the company reported first-quarter earnings. Netflix reported revenue of $9.4 billion and operating income of $2.6 billion, both up from the prior year, and the addition of 9.3 million new subscribers.

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