Netflix has announced 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.
In a statement, he said, “It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished. 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.”
Reed Hastings, Netflix Chief Executive Officer, 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. 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.”
In the last earnings, Netflix saw a short of subscriber forecasts. It added 5.2 million customers for the quarter, taking its total subscriber base to 130 million. The online streaming company made a profit of $384 million on revenue of $3.9 billion in the latest quarter, as compared to net income of $66 million on $2.8 billion in revenue in the same period the previous year.