Netflix CFO to Step Down

Wells will help choose successor
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Netflix chief financial officer David Wells will resign after 14 years, the subscription video on demand pioneer said Monday.

Wells, who joined Netflix in 2010 and was named CFO in 2014, said he would stay on until the company found a permanent replacement. Netflix said its search will include both internal and external candidates.

"It's been 14 wonderful years at Netflix, and I'm very proud of everything we've accomplished," Wells said in a statement. "After discussing my desire to make a change with Reed [Hastings, Netflix CEO], 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."

Netflix shares dipped slightly on the news. Shares were priced at $343.26 each in early trading, down $2.61. or 0.75% per share)

"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. 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."

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