Netflix Chief Executive Reed Hastings and Chief Content Officer Ted Sarandos have taken pay cuts, with Hastings’ salary whittled down by $2 million, reports TheWrap.com.
Both Hastings and Sarandos have the chance to earn far more in total pay through stock options, however, the story notes. Hastings’ salary is being reduced from $3 million annually to $1 million, and comes just a year after his salary was raised by $1 million, according to a company regulatory filing Monday.
Sarandos, meanwhile, will see his pay reduced by $1.8 million.
“Hastings could see more compensation in the form of annual stock options totaling $13.7 million, however, while Sarandos could earn up to $9.6 million in stock options,” the story adds.