In 2013, the streaming media company plans to pay Hastings $4 million in cash and stock, up from $2 million in 2012, the company stated in a regulatory filing made public Friday. The company did not explain the rationale for the pay raise and a Netflix representative declined to comment.
Hastings' annual salary will rise in 2013 to $2 million. For the past three years, his base salary has been $500,000.
He also will get a boost in the target value of his annual stock options awards. For 2013, Netflix plans to award its CEO options worth $2 million. Last year, the target value for his awards was $1.5 million.
Netflix is also boosting the pay of its other top execs. CFO David Wells' total pay will rise to $1.1 million from $1 million. Chief Product Officer Neil Hunt's pay will jump to $3 million from $2.5 million. And Chief Content Officer Ted Sarandos will see his remuneration rise to $4 million from $2.8 million.
The Los Gatos company has been on something of a rebound lately. Its stock is up 29 percent in the past year. After its bottom line dipped into the red earlier in the year amid an international expansion,
But the company's bottom line is still far below the profits it was posting last year, and its stock is still well off its highs. Netflix has warned of disappointing subscriber growth, and some analysts have worried that its deal with Disney will be a costly burden for the company.
Contact Troy Wolverton at 408-840-4285. Follow him at Twitter.com/troywolv.