Netflix increases CEO Hastings' 2013 salary to $4 million
(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. (r.reuters.com/dev84t)
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.
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