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Greg Peters has landed a sweet deal after assuming charge as Netflix’s new co-CEO following the stepping down of co-founder and former chief executive Reed Hastings. The former chief operating officer, who oversaw the streaming giant’s foray into advertising and gaming, is set to earn an annual salary of $3 million, according to a Securities and Exchange Commission filing reported by Business Insider.
On top of that, he is also entitled to an approximate bonus of over $14 million and an annual stock option estimated at around $17 million. His current fat paycheck of $34.65 million is a huge jump from the $24 million he is reported to have taken home in his earlier position and is equal to what Hastings raked in. On the other hand, Hastings, now executive chairman, will take a salary of just $500,000, stock options of $2.5 million and an undisclosed amount of bonus.
Peters will be sharing the position with co-CEO Ted Sarandos. After joining as International Development Officer in 2008, he served as chief product officer for three years before taking charge as COO in July 2020. After losing subscribers in the first half of 2022, Netflix stocks had plunged by 38%.
Facing stiff competition from other OTT platforms, Netflix brought in a cheaper streaming option with ads last November to accelerate growth. Although it registered growth in the second half, the pace of gaining new customers was below par. By December, the platform clocked in 231 million subscribers. Meanwhile, the company is stepping up its crackdown on multiple users sharing the same account and plans to expand its paid password-sharing plans in 2023.
