Netflix plans 50 pct pay hike for CEO Hastings

December 31st, 2013 in Technology / Business

Netflix Chairman and CEO Reed Hastings is getting a 50 percent pay bump in 2014 after a year in which shares of the online video subscription company quadrupled to an all-time high.

A regulatory filing shows that Hastings' will climb from $2 million to $3 million next year, and his annual stock option allowance also will rise by $1 million to $3 million. The $6 million in total pay compares to $4 million in 2013, when his pay doubled.

Netflix Inc. shares hit an all-time high price of $389.16 in October after ending 2012 at $92.59.

The this year began releasing like its "House of Cards" and "Orange Is The New Black" series, both of which have been a huge hit with viewers.

© 2013 The Associated Press. All rights reserved.

"Netflix plans 50 pct pay hike for CEO Hastings." December 31st, 2013. http://phys.org/news/2013-12-netflix-pct-hike-ceo-hastings.html