Netflix Appoints New Principal Accounting Officer

Strategic Insights -

Netflix, Inc. has announced the appointment of Jeffrey Karbowski as the company's Principal Accounting Officer, effective February 13, 2023. Karbowski, 45, will assume the role of VP, Chief Accounting Officer and report directly to Spencer Neumann, Chief Financial Officer. Karbowski brings extensive experience in accounting and finance, having served in various roles at PayPal Holdings, Inc. and Skype, a division of Microsoft Corporation, as well as Ernst & Young.

Key Takeaways:

  • Netflix has appointed Jeffrey Karbowski as its new Principal Accounting Officer, effective February 13, 2023.
  • Karbowski will assume the role of VP, Chief Accounting Officer and report directly to Spencer Neumann, Chief Financial Officer.
  • Karbowski has over 10 years of experience in accounting and finance, having served in various roles at PayPal Holdings, Inc., Skype, and Ernst & Young.
  • He will receive an annual base salary of $2,000,000, a one-time signing bonus of $400,000, and a $1,000,000 annual stock option allowance.
  • The Company's stock option program allows employees to allocate a portion of their compensation to receive stock options, with grant values determined by a specific formula.
  • Karbowski is eligible to receive additional compensation in the form of life insurance, participation in the Company's 401(k) Retirement Savings Plan, and health insurance costs defrayal.
  • He will also be a beneficiary of the Company's Amended and Restated Executive Severance and Retention Incentive Plan, which provides a severance benefit to Covered Executives, including Karbowski.
  • The Company has entered into an indemnification agreement with Karbowski, requiring the Company to indemnify him for certain liabilities resulting from his affiliation with the Company.

Statistics:

  • $2,000,000: Annual base salary for Karbowski's role as Principal Accounting Officer.
  • $400,000: One-time signing bonus received by Karbowski.
  • $1,000,000: Annual stock option allowance for Karbowski.
  • 10 years: Length of experience in accounting and finance for Karbowski.
  • 45: Age of Karbowski.
  • 2,000,000: Number of stock options granted to Karbowski on a monthly basis.

Sources:

  • "FORM 8-K" filed with UNITED STATES SECURITIES AND EXCHANGE COMMISSION on January 9, 2023.