New tax plan makes Netflix bonuses salary
Dec. 29, 2017 at 11:02 p.m.
Netflix's top executives will now get paid in full no matter how the company does, thanks to the Republican tax plan.
The streaming-video provider is scrapping its cash bonuses, instead making the payments to top executives as salary. The recently passed tax plan eliminates companies' ability to deduct performance-based bonuses to managers who are paid more than $1 million, so Netflix just decided to lump all cash payments into executives' salaries.
Next year, Chief Content Officer Ted Sarandos will get a salary of $12 million, more than his salary and cash bonus target combined for 2017. Greg Peters, who was promoted this year to chief product officer, will get $6 million in salary, also bigger than his combined total for 2017.