Business

Netflix CEO pay nicked

Netflix, the online and mail-order video service predicting losses for next year, cut the annual stock-option allowance for CEO Reed Hastings by half to $1.5 million.

Hastings will receive a salary of $500,000 for 2012, unchanged from this year, according to a regulatory filing yesterday.

His annual stock option allowance for 2011 was $3 million, according to a filing a year ago.

Netflix shares have dropped 75 percent from their all-time closing high of $298.73 set on July 13 as the company battled a subscriber revolt over price increases and other changes to its mail-order and streaming services. In October, Netflix projected losses in 2012 as it expands to the U.K.

Annual pay for Leslie Kilgore, chief marketing officer, will be cut to $575,000 from $802,000 in 2011, according to the filings. Kilgore’s option grant was increased to $1.33 million from $1.1 million.

The 2012 salary for Neil Hunt, chief product officer, will be unchanged at $1 million and the option allowance will increase to $1.5 million from $900,000.