Netflix plans 50 per cent pay hike for its CEO Reed Hastings in 2014

  • Reed Hastings' annual salary will climb from $2m to $3m in 2014
  • His annual stock options will also rise by $1m to $3m
  • Hastings also received a $5.3m profit from a post-Christmas stock sale

By Associated Press

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Reed Hastings (pictured) is getting a 50 percent pay bump in 2014

Reed Hastings (pictured) is getting a 50 percent pay bump in 2014

Netflix Chairman and CEO Reed Hastings, based in California, is getting a 50 percent pay bump in 2014 after a year in which shares of the online video subscription company quadrupled to an all-time high.

A regulatory filing shows that Hastings' annual salary will climb from $2 million to $3 million next year, and his annual stock option allowance also will rise by $1 million to $3 million.

The $6 million in total pay compares to $4 million in 2013, when his pay doubled.

Hastings received a $5.3 million profit from a post-Christmas stock stale, according to the filing, reported in the LA Times.

He had over 15,238 shares for $417,750 on the day after Christmas, which he sold for $5.8 million the same day.

Netflix Inc. shares hit an all-time high price of $389.16 in October after ending 2012 at $92.59.

The company this year began releasing original content like its House of Cards and Orange Is The New Black series, both of which have been a huge hit with viewers.

Netflix is ending 2013 with 40 million subscribers.

 

Netflix is ending 2013 with 40 million subscribers

Netflix is ending 2013 with 40 million subscribers

The comments below have not been moderated.

How about spending more on getting better movies on the instant que. It's like a low budget movie haven.

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Most of the time when you search for a really good movie Netflix does not have it to stream. I use Netflix less and less now.

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Well deserved. Brilliant website. I cancelled my $100 cable bill and use $8 netflix instead. Works for me since I don't spend much time in front of the TV anyway.

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They aren't releasing any decent movies anymore. It is all B movie stuff that is dribbling out. I have an old Chuck Norris movie arriving this week, and then I'm done. It is cheaper to just buy a movie on Amazon after it has been out for a while than pay $23 a month for garbage. Plus we have just signed up for Amazon Prime to save on shipping, and they stream video, plus Comcast has huge amounts of content on their On Demand service.

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Oh, it's hard at the top...

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Congrats Mr. Hastings, well deserved...........

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Yeah... after all the movies they're pulling, I'm gonna be gone soon too...

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They aren't pulling any movies. The licensing agreements are ending and not getting renewed. Can't put all the blame on Netflix for that.

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glad i cancelled my subscription last month.

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I know, how can they continue to think giving us a service big providers refuse to supply, while making it completely affordable to boot warrants the CEO getting a pay increase. This travesty must end.

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