February 5, 2023

Pjnews

Today's News Headlines, Breaking News & Latest News from India and World, News from Politics, Sports, Business, Arts and Entertainment

Netflix Hires PayPal Exec Jeff Karbowski as Chief Accounting Officer

2 min read

Netflix hired Jeff Karbowski, most recently VP and chief accounting officer at PayPal, to take on the same role at the streaming giant.

Karbowski, 45, will take the role effective Feb. 13, 2023, reporting to CFO Spencer Newman, the company said in an SEC filing Monday. Following Netflix’s hiring of Karbowski, the company hired former Electronic Arts finance executive Ken Barker for the job last year — before resigning about three months later.

A nearly 10-year veteran of PayPal, Karbowski has held various roles at the online payment processor since May 2013. He has been the Chief Accounting Officer since August 2020 and prior to that was VP, Global Controller from October 2019 to August 2020. Karbowski was Senior Director, Controller for PayPal from June 2015 to September 2019.

Before joining PayPal, Karbowski worked as director of accounting at Skype, a division of Microsoft, and before that was a senior manager at consulting firm EY. Karbowski is a certified public accountant and holds a bachelor’s degree in accounting from West Virginia University.

At Netflix, Karbowski will receive a $2 million annual base salary, a one-time signing bonus of $400,000 and a $1 million annual stock option bonus, according to SEC filings.

Karbowski joins Netflix as the company tightens the reins on costs — and made a series of job cuts last year — after its subscriber numbers fell in the first half of 2022. After years of significant content-spending growth, Netflix is ​​targeting $17 billion in programming spending in 2022, flat from the previous year.

Starting with Netflix’s fourth quarter 2022 earnings report, scheduled for January 19, the company will not provide guidance to consumers for the next quarter (Q1 of 2023). Netflix will continue to provide guidance for revenue, operating income, operating margin, net income, EPS and fully diluted shares for the following quarter due, but not paying membership.

Leave a Reply

Your email address will not be published. Required fields are marked *