Netflix CFO is Stepping Down As Soon as Company Finds a Successor

David Wells, streaming giant Netflix’s CFO is stepping down from his role as soon as the company finds a successor.

Wells has been chief financial officer of the company since 2010 and has been with the company for about 14 years.

Shares of Netflix saw a dip on the news. The company stated:

Netflix Inc. announced today that Chief Financial Officer David Wells plans to step down after helping the company choose his successor. The search will include both internal and external candidates.

Wells, who joined Netflix in 2004 and has served as CFO since 2010, intends to stay until his successor takes the role to ensure a smooth transition.

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

“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,” said Reed Hastings, Netflix Chief Executive Officer.

“I look forward to working with him during the transition as we identify a new CFO who will help us continue to pursue our ambitious goals.”

Disclaimer: We have no position in Netflix, Inc. (NASDAQ: NFLX) and have not been compensated for this article.