TV & Movies

Netflix’s Reed Hastings, Ted Sarandos to Receive No Pay Raise for 2021

But don’t worry, they’re still taking home nearly $35 million each

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Despite a strong 2020 in terms of subscriber growth, Netflix co-CEOs Reed Hastings and Ted Sarandos won’t see their pay increase in 2021, according to a filing with the Securities and Excahange Commission on Monday. Don’t worry, though, they’re still doing pretty well.

Between their salaries and stock options, Hastings and Sarandos will both earn $34.65 million in 2021 — putting them on par with their 2020 pay, which was a 10% boost from the year prior. Hastings will take home a $650,000 salary to go along with $34,000,000 in stock options, while Sarandos will earn a $20,000,000 salary and receive $14,650,000 in stock options.

The filing comes after Netflix, thanks in large part to the coronavirus pandemic, enjoyed another big year in terms of subscriber growth. Netflix added 28 million new accounts during the first 9 months of the year, putting the company easily on track to surpass the 29 million subscribers it added in 2019. The company’s stock price has increased dramatically as a result, too, with Netflix shares up more than 55% since the start of 2020. Netflix closed Monday at $519.12 per share.

Netflix CFO Spencer Neumann and COO Greg Peters also won’t receive a pay increase next year. Neumann is set to make $11.55 million, which includes a $6 million salary, and Peters will take home $18.9 million, which includes his $12 million base salary.

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