Netflix CFO David Wells Plans to Step Down
Investing.com - Netflix announced on Monday that its chief financial officer, David Wells, would be stepping down after eight years in the post and 14 at the company.
The company said that Wells would stay on until a successor is chosen and no expected timeframe was given.
“It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished,” Wells said in the press release.
“After discussing my desire to make a change with (CEO) 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. 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,” he added.
Netflix chief executive Hastings noted that Wells had been a valuable part of the company.
“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,” Hastings concluded.
Shares in Netflix (NASDAQ:NFLX) fell 1.50% to $340.67 in pre-market trade on Monday, from the prior session's close of $345.87.
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