Netflix (NASDAQ:NFLX) CFO David Wells will reportedly be stepping down after more than 14 years with the company.
The company’s chief financial officer first joined the company in 2004 and he’s been CFO since 2010. Once he steps down, he will help the online streaming service provider choose his successor, which could be an internal worker or someone they hire from elsewhere.
‘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.”
Wells added that he plans on having his next career chapter be focused more on philanthropy, while he also likes big challenges, although he’s unclear what exactly that will entail. The CFO was instrumental in the transition that Netflix took into becoming an international streaming giant from a U.S.-only streaming service.
The company now has over 130 million subscribers over 190 countries, although the online video streaming industry is becoming more competitive with every passing year thanks to the likes of Amazon Prime Video and Hulu. Plus, professional sports are being streamed online nowadays too.
NFLX stock was down about 1.3% following the news.
