Netflix, where shares are soaring as the company continues to exceed expectations for subscriber growth, said CEO Reed Hastings is expected to get more stock as part of his compensation package in 2018 than he received in 2017.
In an SEC filing, Netflix said Hastings will get an annual stock option allocation worth $28.7 million plus a monthly stock allocation of $2.391 million in 2018. In 2017, he got total compensation of $24.4 million, including $23.527 million in stock option awards.
Hastings’ annual salary will decline to $700,000 from $850,000 in 2017 and $900,000 in 2016.
The company ended its bonus plan, awarding its top executive cash only in the form of salary and, as an incentive for performance, stock.
Ted Sarandos, chief content officer at Netflix, is expected to get a $12 million salary for 2018, plus an annual stock allocation of $14.250 million and monthly stock allocations of $1.187 million. In 2017, his salary was $1 million but his total compensation was $122.4 million, including $12.4 million in stock and a $9 million bonus.