Netflix CEO Reed Hastings Takes $2 Million Pay Cut

Chief Content Officer Ted Sarandos will also be taking a $1.8 million salary cut

Netflix CEO Reed Hastings

Netflix has slashed executive pay for CEO Reed Hastings and Chief Content Officer Ted Sarandos, though both have the opportunity to earn far more in total compensation through stock options.

Hastings’ salary will be cut from $3 million per year to $1 million. This comes just one year after the board upped Hastings’ salary by $1 million, according the company’s regulatory filing on Monday.

Sarandos also takes a $1.8 million dollar salary cut.

Hastings could see more compensation in the form of annual stock options totaling $13.7 million, however, while Sarandos could earn up to $9.6 million in stock options.

Shares of Netflix were up 297 percent in last year, but this year the company’s stock has seen a 9 percent drop so far.