Netflix’s new chief financial officer will receive $10 million in total compensation, a more generous pay package than was afforded his predecessor, according to a new regulatory filing.
Spencer Neumann will earn $5 million in salary and receive $5 million in stock options. He’ll also get a one-time payment of $1.7 million, and be eligible for additional compensation in the for of life insurance and participation in the company’s 401(k) retirement plan.
His predecessor, Chief Financial Officer David Wells, was to earn $6.3 million in salary and stock options this year.
Neumann joins the company on Jan. 7, after a brief stint as Activision Blizzard’s chief financial officer. Before that, he held a number of positions of increasing responsibility at The Walt Disney Company, most recently serving as the chief financial officer and executive vice president of Global Guest Experience of Walt Disney Parks and Resorts, from 2012 until May 2017
From 2005 to 2012, Mr. Neumann worked at the private equity firms of Providence Equity Partners and Summit Partners.
Neumann worked on two separate occasions for Disney, initially joining the company in 1992. He served as executive vice president of the ABC Television Network from 2001 to 2004 and chief financial officer of the Walt Disney Internet Group from 1999 to 2001. He also a member of the national board of directors of Make-A-Wish America.
The executive holds a B.A. degree in economics from Harvard University and an M.B.A. degree from Harvard University.