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Reed Hastings, Netflix CEO, doubles his pay for 2013

Netflix Inc. CEO Reed Hastings will see his compensation rise from $2 million this year to $4 million in 2013.

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A U.S. Postal worker holds a stack of Netflix envelopes at the U.S. Post Office sort facility on October 24, 2011 in San Francisco, California. (Justin Sullivan/Getty Images)

Netflix Inc. CEO Reed Hastings will see his compensation double in 2013, rising from $2 million this year to $4 million next year, the Wall Street Journal reported. Hastings will receive $2 million in salary and $2 million in stock options.

The final value of the chief executive’s compensation will depend on how Netflix's shares perform, Reuters reported. Netflix stock options vest on a monthly basis.

Hastings’ pay dipped to a $500,000 salary and a $1.5 million stock-option allowance for 2012 after a 2011 plan to split the video service into two companies imploded and the company’s stock plummeted, the Wall Street Journal reported.

This year, Netflix shares have risen about 29 percent, the Wall Street Journal reported.

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The Los Gatos, Calif., company is still experiencing challenges, MarketWatch reported.

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The company lowered growth forecasts for its video-streaming subscriptions in 2012 and is gearing up to compete with a new video-streaming service competitor from Coinstar Inc.’s Redbox and Verizon, MarketWatch reported.

The value of Netflix stock is still down more than 70 percent from its peak of $304.79 in July 2011, Reuters reported.

http://www.globalpost.com/dispatch/news/regions/americas/united-states/121230/reed-hastings-netflix-ceo-doubles-his-pay-2013