Netflix’s chief financial officer David Wells is stepping down after seven years. Wells, who has been at the company since 2004 and CFO since December 2010, will stay with the company until a successor takes over.
“After discussing my desire to make a change with Reed (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,” Wells said. He said he wanted the next chapter of his life to focus more on philanthropy,
Netflix shares are down 17.4 per cent from their record high in early July. The company’s shares were hit last month after revealing it added 1m fewer subscribers than forecast during its second quarter and issued a conservative outlook for the current quarter.