Netflix CFO David Wells to Step Down

He’ll remain in place until company chooses a successor

Last Updated: August 13, 2018 @ 6:52 AM

David Wells, the CFO of Netflix, is set to depart after 14 years with the company. He’s been in his position since 2010.

Wells will stay put until Netflix names his successor, a search which will include consideration of both internal and external candidates, the streaming service said on Monday.

“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, 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.”

“David has been a valuable partner to Netflix and to me,” Netflix CEO Reed Hastings added. “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.”

With Wells in charge of the finances, shares of Netflix have skyrocketed. The stock started 2010 in the single digits, dollar-wise — this morning, it opened at just under $340 per share. We’d say that qualifies as a “strong financial position,” which is how Wells put it above.