By Rob Golum - Dec 23, 2011 4:14 AM GMT+0700
Netflix Inc. (NFLX), the online and mail- order video service predicting losses for next year, cut the annual stock-option allowance for Chief Executive Officer Reed Hastings by half to $1.5 million.
Hastings will receive a salary of $500,000 for 2012, unchanged from this year, according to a regulatory filing today. His annual stock option allowance for 2011 was $3 million, according to a filing a year ago.
Netflix shares have dropped 75 percent from their all-time closing high of $298.73 set on July 13 as the company battled a subscriber revolt over price increases and other changes to its mail-order and streaming services. In October, Netflix projected losses in 2012 as it expands to the U.K.
Annual pay for Leslie Kilgore, chief marketing officer, will be cut to $575,000 from $802,000 in 2011, according to the filings. Kilgore’s option grant was increased to $1.33 million from $1.1 million. The 2012 salary for Neil Hunt, chief product officer, will be unchanged at $1 million and the option allowance will increase to $1.5 million from $900,000.
“We don’t comment on board decisions or executive compensation,” said Steve Swasey, a Netflix spokesman.
Netflix, based in Los Gatos, California, rose 4 percent to $73.84 at the close in New York. The shares have lost 58 percent this year.
Ted Sarandos, chief content officer, will receive $1 million in salary and $1.8 million in option allowances, compared with $903,362 and $1.4 million, respectively, last year, according to the filings.
To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net
To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net
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