Netflix CEO Hastings gets pay increase after 2012 cut for subscriber exodus and Qwikster

LOS ANGELES, Calif. – 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.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Get Started

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

That’s up from a salary of $500,000 and $1.5 million in stock options for 2012.

Hastings’ pay for 2012 reflected a 50 per cent cut to his stock option allowance, when some controversial decisions, including a steep price hike on subscriptions, sent the stock spiraling down in 2011. It fell from a high above $300 to a low below $70 per share.

This year, shares are up 29 per cent, 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.

A Netflix spokesman did not respond immediately to a request for comment.