Netflix shareholders declined to support a proposal affirming the pay packages for top executives during a vote at the company’s annual shareholder meeting on Thursday
in 2022 pay, to about $50 million each. The company’s executive leadership structure changed a few months ago, with longtime exec Peters getting elevated to Co-CEO alongside Sarandos, who holds the same title. Hastings, who co-founded the company and ran it as CEO for 25 years, segued to a role on the board of directors.has been a controversial topic across the media and tech landscape in recent months given the layoffs and cutbacks reshaping many companies.
“While investors have long taken issue with Netflix’s executive pay,” Stiehm wrote, “the compensation structure is even more egregious against the backdrop of the strike. In the midst of a disruptive labor dispute, Netflix is asking shareholders to give retroactive advisory approval of the company’s 2022 reported executive compensation totaling over $166 million. By contrast, the proposed improvements the WGA currently has on the table would cost Netflix an estimated $68 million per year.
The WGA is making a similar request of Comcast shareholders, who will get the chance to weigh in on executive compensation at the media giant’s annual meeting next week.
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