Netflix Boss' Stock Options Cut in Half
Reed Hastings pays for battered share price
By Kevin Spak, Newser User
Posted Dec 23, 2011 12:55 PM CST
In this June 7, 2010 file photo, Netflix CEO Reed Hastings greets the audience at the Apple Worldwide Developers Conference, in San Francisco.   (AP Photo/Paul Sakuma, file)

(Newser) – Netflix CEO Reed Hastings is paying the price for the price hike/Qwikster debacle that has sent the company’s share price down 75% since July. Hastings' annual stock option allowance will be cut by 50%, bringing it to $1.5 million, the company revealed in a regulatory filing yesterday. He'll still take home a $500,000 salary in 2012. Chief Marketing Officer Leslie Kilgore, meanwhile, will take a salary cut from $802,000 down to $575,000, though her option allowance will increase from $1.1 million to $1.3 million, Bloomberg reports.

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Showing 3 of 13 comments
OuttaHere
Dec 24, 2011 7:46 AM CST
This is true job creation by the 1%. Netflix has laid off between 100 and 300 of their 2000 person workforce (5% to 15%) and instituted a wage freeze since this November.
Twiny
Dec 23, 2011 9:55 PM CST
So, he drives the stock price down by 75%, drives away almost a million customers and yet, he still gets half of his 'job well done' bonus? Just exactly what would he have to do to lose that little perk entirely? Burn down the corporate headquarters? Screw all the Board members wives? What? Please, somebody tell me. I'd really like to know! He must have one helluva good Golden Parachute to make paying him off cheaper then canning his incompetent ass.
finkster
Dec 23, 2011 4:16 PM CST
Will you please contribute to my new charity fun for Reed Hastings, who will only bring home 500,000 next year ..............................and............................................. Leslie Kilgore, who will only bring home 575,000 next year These poor souls could use all the help they can get.....