Netflix Chief Accounting Officer Ken Barker Resigns After 3 Months In Role; CFO Spencer Neumann To Assume Duties During Replacement Search
Ken Barker, the principal accounting officer at Netflix, has resigned from the company just three months after he arrived.
In an SEC filing, the company said Barker submitted his resignation on Thursday. The filing described it as a “personal decision” and emphasized that it was “not the result of any disagreement with the company on any matter relating to the company’s financials, operations, policies, or practices.”
Netflix CFO Spencer Neumann will take on the role of principal accounting officer during the search for Barker’s permanent replacement, the company said.
Barker joined Netflix last June after a 19-year run at Electronic Arts. Before EA, Barker worked at Sun Microsystems and Deloitte & Touche.
The exec shuffle comes as Netflix navigates one of the most challenging periods in its 25-year history. The company has laid off workers and trimmed expenses in an effort to right the ship after two straight disappointing quarters. Finally fully acknowledging a throng of new streaming competitors in the U.S., Netflix has reversed its earlier strategy and will soon introduce a cheaper, ad-supported subscription tier and is continuing ongoing efforts to push into video games, interactive entertainment and merchandising. Financial discipline has become a paramount priority for the company after a lengthy period when it acted as the classic tech disruptor spending its way to dominance.
Netflix’s next quarterly earnings report will come next month. The company’s stock tumbled more than 70% after shocking subscriber losses, but has been holding steady in the range of $230 a share, less than half of where it was at the start of 2022. On the programming front, the third quarter brought more encouraging returns and the fourth quarter will see a wave of high-profile movies like the sequel to Knives Out as well as a new season of The Crown.
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