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Netflix CEO pay: Hastings' gets 100 percent raise

Netflix CEO pay will double after he took a 43 percent pay cut this past year for management missteps. Netflix CEO Reed Hastings will be paid $4 million in salary and stock options for the coming year.

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Jim Urquhart/Reuters/File
Chief Executive of Netflix Reed Hastings attends a media conference in Sun Valley, Idaho, in July. His pay as Netflix CEO will double in 2013 as the stock has rebounded somewhat from lows in the past 12 months.
  • By Associated Press

| LOS ANGELES

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 a salary of $500,000 and $1.5 million in stock options for 2012.

Hastings' total pay for 2012 was down 43 percent from $3.5 million in 2011, when some controversial decisions, including a steep price hike on subscriptions, sent the stock spiraling. It fell from a high above $300 to a low below $70 per share.

This year, shares are up 29 percent, closing Friday at $89.33. Recovering from the missteps, the company expects to add around 5 million U.S. subscribers, to between 26.4 million and 27.1 million by the end of the year.

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