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Netflix shareholders reject exec pay plan

June 2, 2023

Netflix shareholders have voted to reject the lucrative pay plans of the company’s top executives, including the co-CEOs Ted Sarandos and Greg Peters. The vote can be overruled by the company’s board of directors the next time it meets.

The vote came days after the Writers Guild of America, sent a public letter urging the streaming service’s shareholders to reject the compensation plans.

Sarandos’s proposed pay package for 2023 would be worth up to $40 million through a combination of base salary, a performance bonus and stock options. Peters, who was named co-chief executive in January after Reed Hastings stepped down from the role, is set to receive up to $34.6 million (€32.1m). Hastings, who became executive chairman, is on track to earn $3 million for the year.

The shareholders voted during their annual meeting, as the guild’s strike entered its fifth week.

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