Netflix plans 50 pct pay hike for CEO Hastings - KALB-TV News Channel 5 & CBS 2

Netflix plans 50 pct pay hike for CEO Hastings

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Reed Hastings, CEO of Netflix,at Web 2.0 Conference, 2005. Photo Credit: Courtesy of James Duncan Davidson/O'Reilly Media Reed Hastings, CEO of Netflix,at Web 2.0 Conference, 2005. Photo Credit: Courtesy of James Duncan Davidson/O'Reilly Media

LOS GATOS, Calif. (AP) - Netflix Chairman and CEO Reed Hastings is getting a 50 percent pay bump in 2014 after a year in which shares of the online video subscription company quadrupled to an all-time high.

A regulatory filing shows that Hastings' annual salary will climb from $2 million to $3 million next year, and his annual stock option allowance also will rise by $1 million to $3 million. The $6 million in total pay compares to $4 million in 2013, when his pay doubled.

Netflix Inc. shares hit an all-time high price of $389.16 in October after ending 2012 at $92.59.

The company this year began releasing original content like its "House of Cards" and "Orange Is The New Black" series, both of which have been a huge hit with viewers.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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