Netflix CEO Ted Sarandos’ pay package dipped in 2023, but still it was $49.8 mn

LOS ANGELES — Netflix co-CEO Ted Sarandos earned a bit less in 2023 than the year before — but his pay package was still worth $49.8 million, reports ‘Variety’.

That was down from $50.3 million in 2022, according to a Netflix proxy statement filed on Thursday (US Pacific Time) with the US Securities and Exchange Commission.

In 2023, Sarandos had a base salary of $3 million, $28.3 million worth of stock option awards, a $16.5 million cash bonus and $1.98 million in other compensation (including $620,013 for his personal use of the company aircraft and $1.3 million in residential security costs), adds ‘Variety.’

The Netflix board’s compensation committee had approved the residential security costs “after considering the potential security concerns related to Mr Sarandos’ service as an executive officer”. The committee emphasised that it believed the “security costs are a necessary and appropriate business expense”.

Greg Peters, who assumed the co-CEO’s role in January 2023, had a compensation package last year worth $40.1 million, a significant jump from $28.1 million in 2022. He previously had served as COO and chief product officer.

Peters’ 2023 pay included $2.9 million as salary, $22.7 million in stock options, $13.9 million cash bonus and $620,602 for personal use of company aircraft.