Tech

Netflix Chief Accounting Officer Gives Up $2.4 Million Position After Just 4 Months On The Job

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Netflix Inc. is seeking a new chief accounting officer after the current one leaves the position after less than four months.

The streaming giant
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-4.49%

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

Netflix stressed that the move is a personal decision and “not the result of any disagreement with the company on any matter related to the company’s finances, operations, policies or practices.”

The company has appointed Chief Financial Officer Spencer Neumann as principal accounting officer as it searches for a replacement for Barker.

Prior to his position at Electronic Arts, Barker was at Sun Microsystems Inc. as vice president, corporate controller, and was an audit partner at Deloitte & Touche LLP.

His base salary at Netflix was $2.4 million with an annual stock option stipend of $600,000, according to the June filing.

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The news comes as Netflix gears up to add a new ad-supported streaming service, a move that came after disappointing subscriber news early in the year amid increased competition from new streamers, most notably Walt Disney. Co.
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Disney+ service.

In April, the company stunned investors with the first loss of subscribers as the service was still in its infancy and executives were pushing to add a cheaper tier of ads, a move founder Reed Hastings had resisted for years.

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In the second quarter, the company lost half its subscriber base as feared and expected to add more subscribers in the third quarter, easing pressure on its stock.

In May, it announced layoffs of about 150 employees, most of them in the US and some in the executive ranks and in the animation division.

Netflix shares fell about 5% on Friday and are down about 62% so far, as the S&P 500
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has fallen by 23%.

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