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Tech

Netflix CEO Gets Pay Bump After 2012 Cut

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Reed Hastings, CEO of Netflix, attends a press conference to announce the Netflix service in Mexico at the St. Regis Hotel on September 12, 2011 in Mexico City. (Hector Vivas/Getty Images)

Reed Hastings, CEO of Netflix, attends a press conference to announce the Netflix service in Mexico at the St. Regis Hotel on September 12, 2011 in Mexico City. (Hector Vivas/Getty Images)

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LOS GATOS (CBS / AP) — 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.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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