December 3, 2023

Netflix Inc. is looking for a new chief accounting officer after its current one left the role after less than four months.

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streaming giant nflx,
said in a regulatory filing on Friday That Ken Barker has submitted his resignation effective October 7. Barker, 55, from Electronic Arts Inc. Joined the company on June 27th from EA,
where he was senior vice president finance, the company disclosed Filing with the Securities and Exchange Commission in June.

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Netflix stressed that the move is a personal decision and “does not result in any disagreement with the Company on any matter relating to the Company’s financials, operations, policies or practices.”

The company named Chief Financial Officer Spencer Newman as principal accounting officer while it searches for Barker’s replacement.

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Prior to his role at Electronic Arts, Barker was at Sun Microsystems Inc. as Vice President, Corporate Controller, and served as Audit Partner at Deloitte & Touche LLP.

According to a June filing, his basic salary at Netflix was $2.4 million with an annual stock option allowance of $600,000.

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The news comes as Netflix prepares to add a new ad-supported streaming service tier, a move that disappointed customers at the start of the year amid increased competition from new streamers, most notably Walt Disney Co.’s DiS. The news came after.
Disney+ service.

In April, the company surprised investors with its first loss of customers as the service was in its infancy and executives considered adding a lower-priced tier with ads, a move that founder Reed Hastings opposed for years. did.

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In the second quarter, the company lost more than half as feared and said it expected to add more in the third quarter, easing some of the 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 animation division.

Shares of Netflix fell nearly 5% on Friday and are down about 62% so far this year, while the S&P 500 SPX,
23 percent has fallen.