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Netflix CFO David Wells to quit

The search for the new CFO will include both internal and external candidates

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MUMBAI: After a 14-year stint in the company, Netflix chief financial officer David Wells plans to step down. Since 2010 Wells served as the CFO, at a time when Netflix started to see its growth. However, he will leave after helping the company choose his successor.

The search for new CFO will include both internal and external candidates. In post-Netflix life, Wells intends to focus more on philanthropy.

“After discussing my desire to make a change with Reed [Hastings, Netflix’s chairman and 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 was one of the key members who helped Netflix during its aggressive international expansion as well as to up its $8billion content spend through a debt-fuelled fund. During his tenure Netflix's subscriber numbers went up from 23.6 million during the first quarter of 2011 to more than 124 million as of the second quarter of 2018.

“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,” Netflix CEO Reed Hastings said.

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