In a filing with the Securities Exchange Commission (SEC), Netflix discloses that co-CEOs Ted Sarandos and Greg Peters will receive total compensation of $40 million in 2024. This figure covers their salaries, bonuses and stock compensation from the leading streaming platform.

According to the report, Sarandos and Peters will each get a salary of $3 million, along with an individual bonus of $6 million. In addition, they will receive $31 million in compensation in the form of shares of stock in the entertainment company.

One notable decision is the elimination of the option for executives to choose between receiving compensation in cash or stock. This move, according to the report, is intended to allay shareholder concerns about executives opting to receive all compensation in cash.

Compared to the previous year, Sarandos will receive the same amount as in 2023, while Peters will experience an increase in his compensation, reaching $40 million in total.

Netflix co-founder Reed Hastings, who took over as executive chairman of the board after resigning as CEO, will receive a salary of $100,000, adding bonuses and stock compensation to reach a total of $1 million.

Also, CFO Spencer Neumann will receive a salary of $15 million in 2024, as established by the streaming company.

Notably, despite the uncertainty generated by the Hollywood strikes, Netflix announced in October a 10.8 % increase in subscribers during the third quarter of 2023, reaching a total of 247.1 million. In addition, the company achieved a net profit of US$1,677 million and revenues of US$8,542 million, representing an increase of 7.8 % over the same period of the previous year.

K. Tovar

Source: El Economista

(Reference image source: Ventil Views, Unsplash)

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