Netflix CEO Hastings’s Pay Declines 40 Percent to $5.54 Million

Netflix Inc. (NFLX) Chief Executive Officer Reed Hastings received $5.54 million in pay last year based on Securities and Exchange Commission rules, down 40 percent from 2011, according to the company’s proxy filing.

Compensation for Hastings, 52, down from $9.29 million in 2011, includes salary, options awards and other compensation, according to the proxy filing today. Profit last year fell to $17.2 million from $226.1 million the year before.

Hastings’s 2012 pay predates this year’s 133 percent gain in the stock, the most in the Standard & Poor’s 500 Index. The shares, which advanced 34 percent in 2012, rose 0.8 percent to $215.55 at the close today in New York.

Shareholder New York City Pension Funds proposed separating the chairman and CEO roles now held by Hastings.

The proposal, submitted by New York City Comptroller John Liu, would require the board to name a chairman who isn’t a current or former employee, according to the company’s proxy statement today. Netflix said it opposed the proposal, which will be voted on at the company’s June 7 annual meeting.

To contact the reporter on this story: Anthony Palazzo in Los Angeles at apalazzo@bloomberg.net

To contact the editor responsible for this story: Rob Golum at rgolum@bloomberg.net

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