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Netflix CEO Reed Hastings Takes Pay Cut

By Clip Syndicate
Netflix said in a regulatory filing on Monday the company has cut the base pay for CEO Reed Hastings from $3 million per year to $1 million. The move comes just one year after the board boosted Hastings' salary to $3 million from $2 million. Shares of Netflix rose 297 percent in 2013 but have fallen 9 percent so far this year. Chief content officer Ted Sarandos is also taking a cut in base pay to $1 million. Both executives, though, have the opportunity to earn far more in total compensation.

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