Wednesday, October 4

Netflix CFO David Wells Resigns After 14 Years of Service

World’s leading internet entertainment service Netflix has announced the resignation of its chief financial officer David Wells. The latter plans to exit “after helping the company choose his successor”.

David joined the company in 2004 and was appointed as the CFO in 2010. The company will be searching for the next CFO through both internal and external candidates as stated by the company.

“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, 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. Personally, I intend my next chapter to focus more on philanthropy and I like big challenges but I’m not sure yet what that looks like.”

Wells further plans to focus on philanthropy. Wells stated that he wants to work on philanthropy projects and that the company’s finances are in a healthy place for him to move on.

In the last earnings, Netflix saw a short of subscriber forecasts. It added 5.2 million customers for the quarter, taking its total subscriber base to 130 million.

“David has been a priceless accomplice to Netflix and to me. He skillfully managed our funds throughout a section of dramatic progress that has allowed us to create and produce wonderful leisure to our members all around the world whereas additionally delivering excellent returns to our buyers,” said Netflix CEO Reed Hastings.

“I stay up for working with him in the course of the transition as we establish a brand new CFO who will assist us proceed to pursue our bold targets,” he added.

The entertainment company made a profit of $384 million on revenue of $3.9 billion in the latest quarter, as compared to net income of $66 million on $2.8 billion in revenue in the same period the previous year.

Also, Netflix had mentioned its plans to secure $1.5 billion in debt to fuel its rapid original content expansion in April this year.