8-KLeadership Changes

NETFLIX INC 8-K Report, Executive Changes (Jun 13, 2022)

Filed June 13, 2022For Securities:NFLX

Summary

Netflix, Inc. (NFLX) announced the appointment of Ken Barker as its new Principal Accounting Officer, effective June 27, 2022. Mr. Barker, who previously held senior finance and accounting roles at Electronic Arts, will report to CFO Spencer Neumann. This appointment is a key operational change within the company's financial leadership structure, ensuring continuity and expertise in financial reporting and accounting oversight.

Key Highlights

  • 1Appointment of Ken Barker as Principal Accounting Officer, effective June 27, 2022.
  • 2Mr. Barker brings extensive experience from Electronic Arts and Deloitte & Touche LLP.
  • 3His compensation includes an annual base salary of $2,400,000 and a $600,000 annual stock option allowance.
  • 4Stock options granted to Mr. Barker are fully vested upon grant and exercisable for up to 10 years.
  • 5He is eligible for the Company's Amended and Restated Executive Severance and Retention Incentive Plan.
  • 6New hires in senior roles like Mr. Barker may receive up to 36 months of allocatable compensation as severance, reduced by tenure.
  • 7Mr. Barker will also have an indemnification agreement with Netflix, standard for officers and directors.

Frequently Asked Questions

Ken Barker has been appointed as Netflix's Principal Accounting Officer, effective June 27, 2022. He will also serve as VP, Chief Accounting Officer. He brings significant experience from his previous roles at Electronic Arts and Deloitte & Touche LLP.

Mr. Barker will receive an annual base salary of $2,400,000 and a $600,000 annual stock option allowance. His stock options are fully vested upon grant and have specific terms regarding exercise and duration. He is also eligible for other benefits like life insurance, 401(k) plan, and health insurance cost defrayal.

As a newly hired executive at the Vice President level or higher, Mr. Barker is eligible for the Company's Executive Severance and Retention Incentive Plan. This plan provides for a cash payment equal to 36 months of allocatable compensation, which is reduced by one month for each month of tenure during the first 24 months of employment, with a minimum benefit of 12 months' allocatable compensation.

The filing does not indicate any connection to financial distress or audit issues. It details a standard executive appointment and compensation package, consistent with filling a key financial role with an experienced professional.