Netflix CFO to step down

David Wells

Netflix’s chief financial officer David Wells is to step down after helping the company choose his successor.

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

The search for a new candidate will include both internal and external applicants.

“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.”

Wells explained in a statement that in the future he would like to focus on philanthropy and take on a “big challenge” but is not yet clear on what the future will hold.

Netflix CEO, Reed Hastings 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.”

Wells’ tenure as finance chief at the streaming outfit saw it build up its huge investment in original content. He also helped develop its European presence with a two-year posting in Amsterdam.

Wells departs after Netflix missed its Q2 subscription expectations this July, which has since sent its shares tumbling since.