Netflix Exec Grabs a Seat at Facebook

By Robert Anders:Netflix, Inc. (NFLX) filed a Form 8-K with the SEC on Friday, Dec. 28, 2012, announcing salaries for its top executives. Included in the filing was the following compensation schedule.

Facebook announced Thursday that it has named Reed Hastings, chairman and chief executive of US video giant Netflix, to the social network's board of directors."Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV," Facebook co-founder and chief executive Mark Zuckerberg said in a statement. "He has built a culture of continuous rapid innovation, something we share and work hard to build every day."

Netflix Chief Executive Reed Hastings made a strategically brilliant move for the business Friday when he announced plans to join Facebook's board of directors. Since it was founded in 1997, Netflix (NFLX) has risen from a start-up that took down Blockbuster with its red-enveloped videos by mail to the dominant movie streaming site on the web, disrupting the entire $85 billion home entertainment industry and prompting Fortune to name Hastings business person of the year for 2010. But competition is heating up for the future of your living room.

A single sentence posted of Facebook has somewhat gaffe-prone Netflix Inc. chief executive Reed Hastings in hot water with the U.S. Securities and Exchange Commission. Staff at the SEC say Mr. Hastings could face a civil claim for making a selective material disclosure about his company when he posted on July 1 that customers watched “over 1 billion hours” of videos on Netflix in June.

Netflix (NFLX) Q2 2011 Earnings Call July 25, 2011 6:00 pm ET Executives David Wells - Chief Financial Officer Reed Hastings - Founder, Chairman, Chief Executive Officer, President and Member of Stock Option Committee Ellie Mertz - Presentation Operator

Hastings' management blunders alienated the video subscription service's customers and pulverized its stock. He will see a $1.5-million cut in his stock option allowance.Netflix Inc.

Benchmark VC Michael Eisenberg submits: The IR Web Report opens today with coverage of Netflix (NFLX) CEO Reed Hastings'

Netflix's top executive acknowledged that he "messed up" the video giant's new pricing scheme and announced a rebranding of the DVD rental service which has been split from its online streaming unit.Chief executive Reed Hastings made no change to the new pricing scheme, which resulted in a whopping price increase for many customers, but apologized for his handling of the move."I messed up. I owe everyone an explanation," Hastings said in a letter to subscribers posted on the Netflix website Sunday.