Business

Netflix chief accounting officer offers up $2.4 million place after simply 4 months on the job


Netflix Inc. is looking for a brand new chief accounting officer after its present one give up the function after lower than 4 months.

The streaming large
NFLX,
-4.49%

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 Digital Arts Inc.
EA,
-1.52%
,
 where he was senior vice president finance, the company disclosed in a June filing with the Securities and Exchange Commission.

Netflix careworn that the transfer is a private resolution and is “not the results of any disagreement with the corporate on any matter regarding the corporate’s financials, operations, insurance policies, or practices.”

The corporate named Chief Monetary Officer Spencer Neumann as principal accounting officer whereas it conducts a seek for a alternative for Barker.

Previous to his function at Digital Arts, Barker was at Solar Microsystems Inc. as vice chairman, company controller, and served as an audit associate at Deloitte & Touche LLP.

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

Learn 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 service tier, a transfer that got here after disappointing subscriber information early within the yr amid heightened competitors from new streamers, notably Walt Disney Co.’s
DIS,
-2.60%

Disney+ service.

In April, the corporate stunned investors with the its first loss of subscribers because the service was in its infancy and executives mooted including a lower-priced tier with advertisements, a transfer that Founder Reed Hastings had resisted for years.

Within the second quarter, the corporate misplaced half as many subscribers as feared and stated it anticipated so as to add extra within the third quarter, easing a few of the strain on its inventory.

In Might, it announced layoffs of about 150 employees, most of them within the U.S. and together with some within the government ranks and within the animation division.

Netflix shares fell about 5% Friday and are down about 62% within the yr to this point, whereas the S&P 500
SPX,
-1.72%

has fallen 23%.



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