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Chief Finance Officer David Wells of Netflix steps down

On Monday, August 13, the video streaming company Netflix announces that Chief Finance Officer David Wells would be stepping down.

David Wells served the company for over fourteen years. He joined Netflix in 2004 and became the CFO in the year 2010. According to Wells, he wanted to focus on philanthropy and he likes big challenges.

Reed Hastings, co-founder and chief executive of Netflix, stated that David was a valuable partner not only to him but also to Netflix. Having the training, knowledge, and experience, Wells skillfully handled the finances of the company which led to a dramatic growth for Netflix.

Upon the said event, the stock of the company dropped up to 0.7%. But analyst Brian White of Wall Street at Moness said not to worry.

White ended the booming rumors about the departure of Wells. He said that the event is not because of the company’s failure to obtain their earnings. He also wrote that the step down of Wells should not be considered as the reason for the incident. It just happens that it coincided with the second-quarter fall, stating that Wells administration as CFO delivered growth to the company.

White was confident that Netflix will be able to find a suitable person to take the role of Wells. Inclined to the astounding success of Netflix, White said that the company draws a lot of experienced CFO.

Wells will stay in the position until the company finds a replacement. Wells would also help in finding a successor. Netflix would be considering aspirants inside and outside of the company.