Reed Hastings’s Expensive Year
The good news for Reed Hastings: The Netflix CEO saw his total pay jump from $5.5 million to $9.3 million last year, the company revealed in a proxy filing today.
The bad news: As everyone who pays any attention to the company knows, the company’s stock got hammered. So Hastings’s Netflix holdings did, too.
His 4.4 percent stake in the company was worth around $437 million at the beginning of 2011, when NFLX was trading at $175. By the end of the year, the stock was worth $69, and Hastings was down to a mere $172 million.
Netflix stock has climbed back a bit and is now at $106, and that puts Hastings back at $265 million. But that news has a flip side, too: Late last year, Netflix gave Hastings a pay cut for 2012 and cut his stock awards for the year in half, to $1.5 million.