Netflix shareholders voted on Thursday to reject multi-million dollar pay packages for the company’s top executives including for co-CEOs Ted Sarandos and Greg Peters.
The vote, which is non-binding, comes amid a strong bounceback for a company that lost more than half its value in 2022 as people started to venture out after years of pandemic isolation. Last year, consumers turned their back on price increases for streaming services like Netflix, and investors began to criticize the company for paying through the nose for content while customers were leaving.
If Netflix can afford to spend an estimated US$166 million on executive compensation, she wrote, it should also be able to pay the estimated US$68 million that writers are seeking in their contract negotiations. Reed Hastings, who stepped down as Netflix CEO in January and now serves as the company’s executive chairman, would bring home about US$3 million for the year.
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