UPDATE 1-Netflix increases CEO Hastings' 2013 salary to $4 mln

Fri Dec 28, 2012 8:00pm EST

Dec 28 (Reuters) - Netflix Inc doubled Chief Executive Reed Hastings' 2013 salary to $4 million, after a pay cut this year, the video rental company disclosed in a regulatory filing late on Friday.

Of the $4 million, Hastings will receive half in cash and half in stock options. This compares to $500,000 in cash and $1.5 million in stock options the company gave its CEO for 2012, and a combined payout of $3.5 million for 2011. ()

Netflix's high-profile Silicon Valley CEO Hastings took a pay cut this year in the wake of an ill-fated attempt to split the DVD and streaming operations, even as the company missed its own subscriber guidance.

The stock has tumbled more than 70 percent since touching a high of $304.79 in July 2011, although it has risen about 23 percent since the beginning of 2012.

The final value of the stock options, which vest on a monthly basis to Netflix employees, depend on how its shares perform. The company, however, does not give out performance based incentives like many other listed entities.

Chief Financial Officer David Wells' total payout rose slightly to $1.1 million, including $770,000 in cash.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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