Netflix chief accounting officer gives up $2.4 million position after just 4 months on the job

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Netflix Inc. is looking for a brand new chief accounting officer after its present one give up the function after not up to 4 months.

The streaming large

said in a regulatory filing Friday that Ken Barker has submitted his resignation efficient Oct. 7. Barker, 55, joined the corporate on June 27 from Electronic Arts Inc.
 where he was senior vice president finance, the company disclosed in a June filing with the Securities and Exchange Commission.

Netflix wired that the transfer is a non-public choice and is “not the result of any disagreement with the company on any matter relating to the company’s financials, operations, policies, or practices.”

The corporate named Chief Financial Officer Spencer Neumann as foremost accounting officer whilst it conducts a seek for a alternative for Barker.

Prior to his function at Electronic Arts, Barker was once at Sun Microsystems Inc. as vice chairman, company controller, and served as an audit spouse at Deloitte & Touche LLP.

His base wage at Netflix was once $2.4 million with a $600,000 annual inventory choice allowance, in accordance to the June submitting.

Read now: ‘Derry Girls’ and more: Here’s everything coming to Netflix in October 2022, and what’s leaving

The information comes as Netflix gears up for the addition of a brand new ad-supported streaming provider tier, a transfer that got here after disappointing subscriber information early in the 12 months amid heightened festival from new streamers, particularly Walt Disney Co.’s
Disney+ provider.

In April, the corporate stunned investors with the its first loss of subscribers since the provider was once in its infancy and managers mooted including a lower-priced tier with commercials, a transfer that Founder Reed Hastings had resisted for years.

In the 2d quarter, the corporate misplaced part as many subscribers as feared and mentioned it anticipated so as to add extra in the 3rd quarter, easing a few of the power on its inventory.

In May, it announced layoffs of about 150 employees, maximum of them in the U.S. and together with some in the govt ranks and in the animation department.

Netflix stocks fell about 5% Friday and are down about 62% in the 12 months thus far, whilst the S&P 500

has fallen 23%.

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