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Netflix CEO Gets Pay Bump After 2012 Cut

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(credit: istockphoto.com)

(credit: istockphoto.com)

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LOS ANGELES (AP) — Netflix CEO Reed Hastings’ pay will double to $4 million next year, after he took a pay cut due to management missteps this year.

Hastings’ annual salary will rise to $2 million in 2013 and he will get $2 million in stock options, according to a securities filing Friday.

That’s up from pay of $500,000 and $1.5 million in stock options for 2012.

Hastings’ pay for 2012 reflected a 50 percent cut to his stock option allowance, when some controversial decisions, including a steep price hike on subscriptions, sent the stock spiraling down in 2011.

This year, shares are up 29 percent, closing Friday at $89.33.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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