Greg Peters
NETFLIXAbout Greg Peters
Greg Peters (age 54) is Netflix’s co-Chief Executive Officer, President, and a director (since 2023). He previously served as COO (2020–Jan 2023) and Chief Product Officer (2017–Jan 2023) and holds a degree in physics and astronomy from Yale University . In 2024, Netflix delivered strong performance: ~16% revenue growth to ~$39B, operating margin expanded to 27%, operating income topped $10B, and operating cash flow was ~$7.4B . Pay-versus-performance disclosures show 2024 relative TSR strength (value of $100 investment: $275.46 vs peer group $158.48), net income of $8,712M, and F/X neutral operating margin of 26.4%, supporting 200% bonus and 200% PSU tranche outcomes tied to relative TSR at the 98th percentile .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Netflix | co-Chief Executive Officer & President | Jan 2023–present | Executive leadership across technology and worldwide operations |
| Netflix | Chief Operating Officer | 2020–Jan 2023 | Senior operating leadership |
| Netflix | Chief Product Officer | 2017–Jan 2023 | Led product at global scale |
| Macrovision (Rovi) | SVP, Consumer Electronics Products | Not disclosed | Senior product leadership |
| Red Hat Network | Executive roles (prior to Netflix) | Not disclosed | Technology/product roles |
| Wine.com | Executive roles (prior to Netflix) | Not disclosed | E-commerce roles |
External Roles
| Organization | Role | Years |
|---|---|---|
| DoorDash, Inc. | Director | 2022–2024 |
| 2U, Inc. | Director | 2018–2023 |
| Highland Transcend Partners I Corp. | Director | 2020–2022 |
| Other public company boards (current) | None | As of 2025 proxy |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus ($) | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|
| 2024 | 3,000,000 | 6,000,000 (200% of base) | 12,000,000 | 2024 bonus metrics certified at 200% |
| 2023 | 2,890,385 | 14,325,000 (prior program) | 13,938,549 | 97.3% payout for 2023 |
| 2022 | 16,000,000 | — | — | Prior allocation model; no annual bonus disclosed |
Performance Compensation
2024 Annual Bonus (Plan metrics, weighting, outcomes)
| Metric | Weight | Target | Actual | Payout |
|---|---|---|---|---|
| F/X Neutral Revenue | 35% | Not disclosed | $38.72B | 200% |
| F/X Neutral Operating Margin | 65% | Not disclosed | 26.41% | 200% |
| Overall Bonus Outcome | — | — | — | 200% of target |
2024 Long-Term Equity (PSUs/RSUs)
| Award Type (Grant 1/25/2024) | Target Dollar Value ($) | Target Shares (#) | Metric / Vesting | 2024 Tranche Result |
|---|---|---|---|---|
| PSUs | 15,500,000 | 31,112 | Relative TSR vs S&P 500; 3 tranches (1-, 2-, 3-year) | 200% for 2024 tranche at 98th percentile |
| RSUs | 15,500,000 | 31,112 | Time-based; vests quarterly over 3 years | N/A |
Additional 2024 equity under prior program (options granted Jan 2, 2024 for 2023 comp year): 7,704 options at $468.50 strike; one-year vesting for co-CEOs .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 274,038 shares; <1% of outstanding |
| Stock ownership guidelines | Co-CEOs required to hold 6x base salary within 5 years |
| Hedging | Prohibited for Section 16 officers/directors |
| Clawback | Policy compliant with Rule 10D-1; performance-based equity/bonus subject to recoupment |
Vesting cadence and potential supply: From the January 25, 2024 RSU grant (31,112 units), quarterly vesting over 12 quarters equates to approximately 2,593 units per quarter, subject to service and plan terms (31,112 ÷ 12; grant size and vest terms as cited) .
Employment Terms
| Provision | Term |
|---|---|
| Severance plan (Exec Officer Severance Plan) | Adopted effective Jan 1, 2024; double-trigger for CIC |
| Non-CIC termination (without cause) | Lump sum = base salary + target annual bonus + target annual LTI (RSUs+PSUs at target) + pro-rata bonus (based on actual performance) |
| CIC protection period | 3 months prior to and 24 months following a change in control |
| CIC termination (without cause or for good reason) | Lump sum = 2x (base salary + target annual bonus) + pro-rata bonus at target + 24 months of COBRA-equivalent benefits |
| Equity acceleration (2024 RSUs/PSUs) | RSUs: full acceleration if terminated without cause/for good reason during CIC protection, death/disability; pro-rata outside CIC. PSUs: pro-rata outside CIC (actual performance); greater of target/actual at CIC with additional terms; death/disability acceleration per award |
Board Governance (dual-role implications)
- Director since 2023; no board committee memberships (executive director) .
- Board held four meetings in 2024; committees: Audit (independent), Compensation (independent), Nominating & Governance (independent) .
- Independent directors are explicitly listed; co-CEOs are not independent .
- Board leadership: Reed Hastings transitioned to non-executive Chairman on April 17, 2025; Jay C. Hoag serves as Lead Independent Director with defined responsibilities (agenda-setting, executive sessions, etc.), mitigating dual-role concerns .
- Director compensation: Employee directors (Hastings, Peters, Sarandos) are excluded from non-employee director option retainers; their pay appears in the executive compensation tables .
Director Compensation (for reference)
- Non-employee directors generally receive fully-vested monthly stock options under a formula; Ambassador Susan Rice was cash-compensated in 2024; starting Feb 2025 she transitioned to options. Employee directors do not receive director option retainers .
Compensation & Incentive Design Notes (alignment and risk controls)
- 2024 redesign: fixed base salaries; expanded bonus to all exec officers; introduced 50/50 PSUs/RSUs with multi-year performance/vesting; adopted double-trigger CIC severance; added stock ownership guidelines .
- Bonus metrics emphasize operating discipline: 65% F/X Neutral Operating Margin and 35% F/X Neutral Revenue (200% payout in 2024 based on certified results) .
- Relative TSR PSUs require ≥55th percentile for target; 2024 tranche paid at 200% at the 98th percentile .
- Clawback in place; hedging prohibited for insiders .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay support: 82.2%, reflecting investor approval of program changes; board cites ongoing engagement and responsiveness .
Compensation Peer Group (2024)
- Adobe; AT&T; Booking Holdings; Charter Communications; Comcast; Electronic Arts; Fox; Mastercard; Meta Platforms; Oracle; Paramount Global; PayPal; Salesforce; ServiceNow; Sirius XM; Tesla; The Walt Disney Company; Verizon; Visa; Warner Bros. Discovery .
Related Party Transactions (disclosure check)
- The 2025 proxy’s related party section disclosed compensation of Mr. Sarandos’ daughter employed in Netflix productions; no Item 404 related party transaction is disclosed for Mr. Peters .
Expertise & Qualifications
- Deep product/technology and global operations experience from Netflix roles since 2008; prior leadership at Macrovision (Rovi), Red Hat Network, and Wine.com; Yale physics and astronomy degree .
Equity Grants Detail (2024)
| Date | Type | Shares/Options | Terms |
|---|---|---|---|
| 1/25/2024 | RSU | 31,112 | Vests quarterly over 3 years |
| 1/25/2024 | PSU (target) | 31,112 | Relative TSR vs S&P 500; 3 tranches (1-, 2-, 3-year); 2024 tranche paid at 200% |
| 1/2/2024 | Stock Options | 7,704 | $468.50 strike; one-year vesting (co-CEOs) |
Investment Implications
- Alignment and performance leverage: 2024 program ties a large portion of Peters’ pay to (a) margin/revenue performance (bonus) and (b) multi-year relative TSR (PSUs). Certified 200% bonus and 200% PSU first-tranche outcomes reflect Netflix’s 2024 outperformance (revenue growth, margin expansion, TSR), aligning realized pay with results .
- Supply considerations: The 2024 RSU grant vests quarterly (approx. 2,593 shares per quarter from this grant alone), creating a predictable cadence of share delivery subject to plan and trading policies .
- Retention/deal protection: Double-trigger CIC (2x salary+target bonus) and robust non-CIC severance (including target LTI) reduce retention risk while balancing shareholder protections via multi-year vesting and clawback .
- Governance mitigants: Peters’ executive/director dual role is counterbalanced by a non-executive Chair, a Lead Independent Director, and fully independent key committees .
- Quantum watchpoint: Total 2024 compensation of $60,272,574 underscores the importance of sustained outperformance to justify pay levels under the new structure .