Greg Peters can be new Netflix co-CEO. Here is how a lot he’ll earn

Greg Peters has landed a candy deal after assuming cost as Netflix’s new co-CEO following the stepping down of co-founder and former chief govt Reed Hastings. The previous chief working officer, who oversaw the streaming large’s foray into promoting and gaming, is ready to earn an annual wage of $3 million, in line with a Securities and Change Fee submitting reported by Business Insider.

On high of that, he’s additionally entitled to an approximate bonus of over $14 million and an annual inventory choice estimated at round $17 million. His present fats paycheck of $34.65 million is a big leap from the $24 million he’s reported to have taken house in his earlier place and is the same as what Hastings raked in. Alternatively, Hastings, now govt chairman, will take a wage of simply $500,000, inventory choices of $2.5 million and an undisclosed quantity of bonus.

Peters can be sharing the place with co-CEO Ted Sarandos. After becoming a member of as Worldwide Growth Officer in 2008, he served as chief product officer for 3 years earlier than taking cost as COO in July 2020. After shedding subscribers within the first half of 2022, Netflix shares had plunged by 38%.

Dealing with stiff competitors from different OTT platforms, Netflix introduced in a less expensive streaming choice with advertisements final November to speed up development. Though it registered development within the second half, the tempo of gaining new clients was under par. By December, the platform clocked in 231 million subscribers. In the meantime, the corporate is stepping up its crackdown on a number of customers sharing the identical account and plans to develop its paid password-sharing plans in 2023.

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