By Josh Beckerman

Netflix Inc. Co-Chief Executive Reed Hastings had 2020 total compensation valued at $43.2 million, mostly for the value of stock option awards, compared with $38.6 million in 2019. Base salary was $650,000.

The total was $39.3 million for Ted Sarandos, who became co-CEO last year, up from $34.7 million in 2019. Components included $20 million of base salary and $18.3 million of option awards, Netflix said in its proxy filing.

Netflix doesn't use performance-based bonuses "as we believe that they tend to incentivize specific, typically short-term focused behavior rather than encourage long-term stockholder value creation." The company grants fully vested 10-year options. It believes options "correlate compensation with stockholder returns, and encourage a long-term perspective."

The company will hold a virtual annual meeting on June 3.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 23, 2021 17:07 ET (21:07 GMT)

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