Netflix may still be still be struggling, but CEO Reed Hastings is getting a raise. In fact, he’ll be doubling his total pay.
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 on 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 last three years, his base salary has been $500,000.
Hastings will also be getting 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. It’s stock is up 29 percent over the last year. After its bottom line dipped into the red earlier in the year amid an international expansion, the company is back to posting profits. And it recently signed a big deal with Disney to offer the Mouse House’s movies on its streaming video service.
But the company’s bottom line is still far below the profits it was posting last year. Its stock is still well off its highs. The company has warned of disappointing subscriber growth. And some analysts have worried that its deal with Disney will be a costly burden for the company.