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Netflix to Raise Legal Chief Hyman’s Pay to $11 Million in 2022

Dec. 22, 2021, 5:23 PM

Netflix Inc. is rewarding its chief legal officer, David Hyman, with a pay boost to at least $11 million in 2022 after company profits rose this year.

Hyman will get $6 million in base salary and $5 million in stock options, the company said in a proxy filing Tuesday. That compares with around $9.45 million in base salary and stock options this year, based on a Netflix filing from a year ago.

Los Gatos, Calif.-based Netflix has seen a sharp increase in profits during the pandemic, though it reported a slow first quarter of 2021 before rebounding in the second half of the year as shows like “Squid Game” boosted subscriptions.

The company reported more than $4.5 billion in profit for the nine months ending Sept. 30, compared to nearly $2.8 billion for the full year in 2020.

Netflix co-CEOs Reed Hastings and Ted Sarandos will receive nearly $35 million and $40 million in total compensation next year, respectively, according to the proxy. Netflix did not disclose expected values of other forms of compensation in the filing.

Hyman, who has been Netflix’s chief legal officer and corporate secretary for nearly two decades, earned nearly $10.5 million in total compensation in 2020, including a base salary of $5.5 million, according to a company proxy.

Before joining the company in 2002, Hyman was general counsel of grocery delivery business Webvan, which is no longer operating, and an associate for Morrison & Foerster and Arent Fox, according to his LinkedIn profile.

To contact the reporter on this story: Ruiqi Chen in Washington, D.C. at rchen@bloombergindustry.com

To contact the editor responsible for this story: Chris Opfer at copfer@bloomberglaw.com;
John Hughes at jhughes@bloombergindustry.com