- Netflix COO Greg Peters is stepping to a new role as co-CEO.
- As co-CEO Peters will receive an annual salary of $3 million, according to an SEC report.
The tides have changed for Greg Peters, $4. Until now, Peters has served COO of the streaming giant, where $4.
According to a filing with the SEC, Peters will be raking in an annual salary of $3 million. Added to that, he'll get an annual stock option allocation totaling more $17 million and is also on track to receive an estimated bonus of more than $14 million.
Meanwhile, his predecessor as co-CEO, company co-founder Reed Hastings — $4— will be taking a hefty pay cut.
Hastings will now serve as executive chairman, earning just $500,000. Added to that, Hastings will receive $2.5 million in stock options, the report notes. Hastings' bonus was not disclosed.
Amidst a tough economic climate, where layoffs abound, executive compensation has been a $4. Tim Cook, CEO of Apple, is $4.
Netflix did not immediately respond to Insider's request for a comment.