Netflix Boosts CEO's Pay 43 Percent After Service Raises Prices, But Still Adds Subscribers
SAN FRANCISCO (CBS SF)-- Netflix boosted CEO Reed Hastings' pay by 43 percent to $11.1 million last year as the Internet video service raised its prices and still added the most subscribers in its history.
The compensation package disclosed in a Friday regulatory filing included stock options valued at $8.1 million. Those options could end up being worth more or less depending on how Netflix Inc.'s stock fares during the next few years.
Hastings also received a $3 million salary.
Netflix raised its monthly rates by $1 for new U.S. subscribers in May while keeping them at $8 per month for existing customers.
The Los Gatos, California, company still ended last year with 57.4 million worldwide subscribers, a gain of 13 million from 2013. Netflix's stock, though, fell by 7 percent last year.
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