Netflix (NFLX) and the Streaming Wars Message Board

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Technology Stocks : Netflix (NFLX) and the Streaming Wars

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From: Sr K	6/7/2024 1:46:01 AM
	1 Recommendation Recommended By Zen Dollar Round of 2280

Finance BUSINESS Netflix Shareholders Vote to Recommend Refreshed Executive-Pay Plan Plan calls for co-CEOs to receive total target pay of up to $40 million each By Ben Glickman June 6, 2024 6:47 pm ET Share Resize Listen (2 min) Nexflix shareholders recommended approval of a new executive pay plan. PHOTO: LUCY NICHOLSON/REUTERS Netflix NFLX -0.27%decrease; red down pointing triangle shareholders voted to recommend approval of a refreshed executive-pay plan a year after the company’s previous proposal was rejected. The streaming company said Thursday that shareholders had voted for advisory approval of the new plan, which gives both chief executives total target pay of up to $40 million each. The outcome of the vote is nonbinding. Less than 30% of the company’s shareholders voted in favor of last year’s compensation package, which allowed executives to choose how to allocate pay between cash and stock options. The vote in June 2023 came shortly after the Writers Guild of America urged for the plan’s rejection amid a strike. The company said in October it was making big changes to executive compensation following the vote, and in December unveiled overhauled pay packages. The new plan set fixed base salaries for executives and established grants of time- and performance-based restricted stock units instead of options. Co-CEOs Ted Sarandos and Greg Peters would receive a $3 million base salary and would have a target bonus of $6 million. The remainder of the chiefs’ $40 million in compensation would come in the form of restricted stock awards. Executive Chair and former Co-CEO Reed Hastings would have a base salary of $100,000 under the new plan, while other named executive officers would have a base of $1.5 million. Write to Ben Glickman at ben.glickman@wsj.com

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