Netflix hikes CEO salary by 50 pct for 2014

Tue Dec 31, 2013 5:14pm IST

Sony Computer Entertainment Inc. President and Group CEO Andrew House makes a Netflix announcement at the Sony news conference show on the eve of the opening of E3 in Los Angeles, California, June 10, 2013. REUTERS/David McNew/Files

Sony Computer Entertainment Inc. President and Group CEO Andrew House makes a Netflix announcement at the Sony news conference show on the eve of the opening of E3 in Los Angeles, California, June 10, 2013.

Credit: Reuters/David McNew/Files

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REUTERS - Netflix Inc (NFLX.O) raised the salary of its Chief Executive Reed Hastings by 50 percent to $6 million for 2014, a regulatory filing showed, as its stock quadrupled in value this year amidst new programming and a growth in subscriber base.

Hastings will receive $3 million each in cash and stock options for the year, according to the filing with the U.S. Securities and Exchange Commission made late on Monday.

Other top executives including Chief Financial Officer David Wells and Chief Content Officer Ted Sarandos will also get a pay hike in 2014, it said.

The Internet movie and TV show streaming service has been trying to lure subscribers with original programming.

Its success with a series of programs such as political satire "House of Cards" and dark prison comedy "Orange is the New Black" helped its U.S. customer base rise to 31.1 million streaming subscribers last quarter.

In November, Netflix added four new television series and one miniseries from Disney's (DIS.N) Marvel unit, and in December it secured the rights to make new episodes of a spinoff of the "Breaking Bad" television series, available within days to customers in Latin America and Europe, starting in 2014.

Shares of Netflix have risen nearly 300 percent so far this year. The stock closed down 51 cents at $366.99 Monday on the Nasdaq.

(Reporting by Sakthi Prasad in Bangalore; Editing by Gopakumar Warrier)

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