Netflix shareholders reject executives’ pay packages amid writers’ protest

The shareholders of Netflix on Thursday rejected the new pay packages of the company’s leadership, including co-chief executives Ted Sarandos and Greg Peters. Earlier, the board had unanimously recommended the pay packages. The vote is non-binding and can be overruled by the board the next time it meets.

The decision came after the Writers Guild of America sent a letter to the public urging the shareholders of Netflix to reject the new compensation plans. Under the new plan, Sarandos was to get $40 million through a combination of base salary, bonus and stock options. Peters was set to receive $34.6 million in total.