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Netflix CEO gets pay bump after 2012 cut
Friday - 12/28/2012, 7:03pm EST
LOS ANGELES (AP) - Netflix CEO Reed Hastings' pay will double to $4 million next year, after he took a pay cut due to management missteps this year.
Hastings' annual salary will rise to $2 million in 2013 and he will get $2 million in stock options, according to a securities filing Friday.
That's up from a salary of $500,000 and $1.5 million in stock options for 2012.
Hastings' pay for 2012 reflected a 50 percent cut to his stock option allowance, when some controversial decisions, including a steep price hike on subscriptions, sent the stock spiraling down in 2011. It fell from a high above $300 to a low below $70 per share.
This year, shares are up 29 percent, closing Friday at $89.33. Recovering from the missteps, the company expects to add around 5 million U.S. subscribers, to between 26.4 million and 27.1 million by the end of the year.
A Netflix spokesman did not respond immediately to a request for comment.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)