Netflix Shareholders Reject Pay Packages for Top Executives

Netflix Inc. shareholders voted to reject pay packages for the company’s leadership, including Co-Chief Executive Officers Ted Sarandos and Greg Peters, a non-binding protest against lavish pay for top media executives.

Sarandos is supposed to make as much as $40 million between his salary, bonus and stock options while Peters, who was named co-CEO in Janauary, is supposed to make $34.6 million. Reed Hastings, the company’s co-founder and executive chairman, will earn $3 million.

Ted Sarandos, left, and Greg Peters, right.

Photographer: Emma McIntyre/Getty Images

The shareholders voted against the proposed compensation during an annual meeting, according to a person familiar with the matter. Netflix’s board can disregard the ...