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Netflix CFO David Wells to Step Down

Netflix CFO David Wells to Step Down
David Wells. Courtesy of: Thomas Hooke/Netflix
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(CelebrityAccess) –Netflix announced Monday that David Wells will be stepping down from his role as chief financial officer.

Wells joined Netflix in 2004 and has served as CFO since 2010. During this time, he has overseen a significant rise in annual spending (currently $8 billion a year) as the premium content game has grown exponentially.

In a statement addressing the move, Wells said:  “It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished. After discussing my desire to make a change with Reed [Hastings, Netflix’s 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.”

“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,” added Hastings in his own statement.

Wells has agreed to stay with the company until a suitable successor is found.

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