Netflix CFO to step down

Netflix CFO to step down
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Netflix announced on Monday that its longtime Chief Financial Officer (CFO) David Wells will be stepping down.

Wells has been part of the company since 2004 and has served as CFO since 2010. Netflix said he would stay on as it searches for his replacement.

“It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished,” Wells said in a statement.

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“After discussing my desire to make a change with Reed, we agreed that with Netflix’s strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company,” he continued, referring to Netflix CEO Reed Hastings. “Personally, I intend my next chapter to focus more on philanthropy and I like big challenges but I’m not sure yet what that looks like.”

Netflix’s stock has been in decline since a disappointing second quarter earnings report last month that showed it had missed subscriber growth projections.

But Wells’s tenure has been marked by massive growth for the streaming service. Netflix is currently valued at just under $150 billion.

“David has been a valuable partner to Netflix and to me,” Hastings said in a statement. “He skillfully managed our finances during a phase of dramatic growth that has allowed us to create and bring amazing entertainment to our members all over the world while also delivering outstanding returns to our investors."