Netflix CEO Reed Hastings Earned More Than $11 Million in 2014

Chief content officer Ted Sarandos, meanwhile, received $8.8 million as the second-highest-paid executive at the video streaming company.

Netflix CEO Reed Hastings' pay soared by 44 percent in 2014.

Hastings made nearly $11.1 million last year, up from $7.7 million in 2013, thanks to a jump in his salary from about $2 million to nearly $3 million. He also benefited from an increase in option awards to more than $8 million.

Chief content officer Ted Sarandos, meanwhile, made $8.8 million last year, representing a 17 percent bump from the $7.5 million he made in 2013. Sarandos, the second-highest-paid exec at the Los Gatos, Calif.-based streamer, also enjoyed a raise in 2014, boosting his salary to $2.8 million, and his option awards rose to $6 million.

Both Hastings and Sarandos will take pay cuts in 2015, which the company announced in a regulatory filing late last year. Hastings' salary will drop from $3 million to $1 million this year.

L.A.-based Sarandos' salary also will fall to $1 million. The executives, however, have the opportunity to earn more in total compensation due to increases in their annual stock option allowances.