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Netflix CFO David Wells plans to step down

Netflix has announced that chief financial officer David Wells will step down after eight years in his role. He intends to stay until his successor is found and takes the role to ensure a smooth transition.

Wells joined Netflix in 2004 and has served as CFO since 2010. During Wells’ tenure as CFO, Netflix’s subscriber numbers increased from 23.6 million during the first quarter of 2011 to over 124 million as of the second quarter of 2018.

“After discussing my desire to make a change with Reed (Hastings), 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.”

Well added that he will focus more on philanthropy in the future.

Reed Hastings, Netflix’s CEO, said: “David has been a valuable partner to Netflix and to me. 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.”

Netflix said the search will include internal and external candidates.

Netflix shares fell 1.8% to US$339.72 on Monday morning.

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