Today, Netflix announced that David Wells, the chief financial officer of the company, will step down. Reportedly, he will stay on the job until he can help determine his successor.
The streaming giant said that the search for a new head of finance will consider suitable external and internal candidates.
Wells has been working at the company ever since 2004, two years after it floated in New York. He was appointed as the chief financial officer of the company in 2010.
The chief executive of Netflix, Reed Hastings, stated: “David has been a valuable partner to Netflix and to me. He skilfully 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.”
He added: “I look forward to working with him during the transition as we identify a new chief financial officer who will help us continue to pursue our ambitious goals.”
Wells said that he was proud of everything that he had accomplished in his 14-year tenure at the firm.
He stated: “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.”
He added: “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.”
Wells has observed Netflix improve from a U.S.-only streaming service to an international streaming giant, capitalizing on the desire of consumers for on-demand, subscription programming that is delivered over the internet. Today, the service has more than 130 million members across more than 190 countries, however, more recently, it has been challenged by various competitors not only in on-demand – such as Hulu, HBO, and Amazon Prime Video – but also from streaming TV services that are drawing in subscribers who want access to cable TV-like programming and sports.
The stock of Netflix was down slightly in early trading.