Netflix’s board approved $40 million compensation packages for co-CEOs Ted Sarandos and Greg Peters, according to an SEC filing released on Friday by the streamer’s board. Both will draw $3 million per year in newly fixed base salaries, with the additional compensation coming in the form of stock options and bonuses if certain business targets are achieved.
Over the summer, amid the WGA and SAG strikes, the board refused to approve a more generous deal after significant pushback from shareholders, resulting in “substantial changes” to the executive pay model.
“We recognize we don’t have wide support for our executive compensation model of the last 20 years.
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