Netflix Shareholders Reject Sky-High Executive Pay Packages

CBS San Francisco

June 2, 2023

Netflix shareholders have rejected multi-million dollar pay packages for the company's top executives including for co-CEOs Ted Sarandos and Greg Peters.

The vote, which is non-binding, comes amid a strong bounceback for a company that lost more than half its value in 2022 as people started to venture out after years of pandemic isolation. Last year, consumers turned their back on price increases for streaming services like Netflix, and investors began to criticize the company for paying through the nose for content while customers were leaving. But Netflix's stock has rebounded 36% so far this year as shareholders believe the streaming sell-off may have been overdone.

Still, the vote took place just days after the Writers Guild of America encouraged investors to vote the packages down, saying in a letter that a vote would be inappropriate as Hollywood writers enter their fifth week of striking for better working conditions and larger contracts.

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