As the competition in the streaming world ramps up, Netflix is giving its two top executives a 10% pay raise.
In a filing with the Securities & Exchange Commission, Netflix said its compensation committee has set the salary plus bonus for CEO Reed Hastings and chief content officer Ted Sarandos at $34.65 million each for 2020.
Hastings is set to get a salary of $650,000 and a stock option allocation of $34 million.
Sarandos’ salary will be $20 million and he’s been allocated $14.65 million in stock.
Netflix, the leader in the video streaming area, was the top performing stock during the decade. But this year, new competitors joined the market, with Apple launching Apple TV+ and The Walt Disney Co. jumping in with Disney+. Disney also took full control of Hulu.
Next year, AT&T plans to launch HBO Max and Comcast’s NBCUniversal will launch Peacock.
In its filing, Netflix said that CFO Spencer Neumann will get $6.05 million and stock options worth $5.5 million, and chief product officer Greg Peters will get a salary of $12 million and $6.9 million in stock.