$1.5 million Paycut For CEO... Awww... Life's So Hard
Netflix had a pretty rough year, so did the CEO, and it's about to get worse... for him at least! According to Yahoo!, his company stock has been slashed from $3,000,000 to only $1,500,000 this year. Lucky for him, he still will receive his base salary of $500,000. I don't know about you, but I'm not feeling terribly sorry for him.
The company was doing great until rumors of raising the prices started circulating. THEN a bold move was made to cut the company into two pieces: Qwikster would be DVDs by mail and Netflix would continue as the movie streaming service.
Consumers (as a whole) were less than thrilled. Stock prices have fallen from the high of $305 (before the announcements) to around $75 per share now. Quite a hit.
I think the guy is lucky to still have a job after nearly destroying the company. How do you snag a job like that, anyway...