Netflix's chief financial officer David Wells plans to step down after eight years in the post, a time period that saw dramatic growth for the company that now rivals – or even bests – cable programming in some areas.
Wells, who plans to focus more on philanthropy once he exits, will help find a successor before he officially leaves the company, Netflix said in a statement Monday. Wells joined Netflix in 2004 and has served as its chief financial officer since 2010.
"It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished," Wells said. "After discussing my desire to make a change with Reed (Hastings), 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."
Reed Hastings, Netflix CEO, credits Wells with managing the company's finances during a period of "dramatic growth," which included the streaming giant's surge into original programming. The company has produced hit series including "Stranger Things," "Orange is the New Black" and "House of Cards."
"David has been a valuable partner to Netflix and to me," Hastings said in a statement.
During Wells' tenure as CFO, Netflix's subscriber numbers soared from 23.6 million during the first quarter of 2011 to more than 124 million as of the second quarter of 2018.
Last month, Netflix missed forecasts on subscriber growth for the second quarter, sending shares down 11%.
