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Netflix plans 50% pay hike for CEO

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Source: AP Source: AP

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.

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