Netflix announced that its CFO David Wells plans to step down after helping the company choose his successor. The search will include both internal and external candidates, the company said.
Wells joined Netflix in 2004 and has served as CFO since 2010. He said he discussed “my desire to make a change” with CEO Reed Hastings, and they “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 intends to focus more on philanthropy going forward, and “I like big challenges but I’m not sure yet what that looks like”.
The announcement comes less than a month after Netflix reported disappointing second-quarter results and a slowdown in subscriber growth. The share price has fallen nearly 14 percent since then, as the company’s plans to invest heavily in original content may be at risk if it is unable to sustain subscriber growth. With cash flow still negative, Netflix has been relying on debt funding to maintain the content investment.-telecompaper