Netflix (NFLX) CEO Hastings Gets 300% Pay Raise in FY13

December 31, 2012 9:56 AM EST
Netflix (Nasdaq: NFLX) shares are on the rise Monday following a late Friday disclosure that its CEO, Reed Hastings, will be getting a pay bump into 2013.

Actually, its raises all around for the top executives.

According to an 8-K filed with the U.S. SEC, Hastings base salary will rise from $500,000 last year up to $2 million. Annual stock option allowance moves from $1.5 million to $2 million, or $166,667 per month.

Finance chief David Wells saw his base salary nearly double from $490,000 to $770,000, with stock option allowance moving from $510,000 down to $330,000.

Some might argue that Hastings' raise isn't warranted with shares of Netflix down markedly from highs nearly $300 in 2010. However, for 2012 shares rose about 32 percent while Netflix sub base and demographics also improved. Let's just hope he's exercising those purchase options in full to bolster shareholder confidence.

Netflix is up 2.2 percent on the session.

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