Netflix CFO David Wells to step down

Netflix Chief Financial Officer David Wells can be stepping down.

Wells, who has been CFO since 2010, will stay on the job until he can help choose a successor, the company announced Monday.

Netflix’s stock was down slightly in early trading.

Wells said he intends to focus on philanthropy.

Here’s the full announcement through Netflix:

Netflix Inc. announced today that will Chief Financial Officer David Wells plans to step down after helping the company choose his successor. The search will include both internal along with external candidates.

Wells, who joined Netflix in 2004 along with has served as CFO since 2010, intends to stay until his successor takes the role to ensure a smooth transition.

“the idea’s been 14 wonderful years at Netflix, along with I’m very proud of everything we’ve accomplished,” Wells said. “After discussing my desire to make a change with Reed, we agreed that will with Netflix’s strong financial position along with exciting growth plans, This particular can be 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 along with I like big challenges nevertheless I’m not sure yet what that will looks like.”

“David has been a valuable partner to Netflix along with to me. He skillfully managed our finances during a phase of dramatic growth that will has allowed us to create along with bring amazing entertainment to our members all over the globe while also delivering outstanding returns to our investors,” said Reed Hastings, Netflix Chief Executive Officer. “I look forward to working with him during the transition as we identify a fresh CFO who will help us continue to pursue our ambitious goals.”

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