Netflix seeks new CFO as Wells exits

Netflix is searching for a new chief financial officer (CFO) following David Wells’ decision to step down from the role after eight years.

David Wells

Wells, who joined Netflix in 2004, has overseen the company’s finances during a period of rapid growth and huge spending at the streaming giant.

He will stay at the company until his successor takes up the role and Netflix has said the search for a new CFO will involve looking at both internal and external candidates.

“After discussing my desire to make a change with Reed [Hastings, Netflix’s CEO], 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.”

Netflix enjoyed a strong Q1 this year, when the global streamer added 7.41 million subscribers in total, compared with 4.95 million at the same stage in 2017.

However, Q2 was a different story as the streamer missed its overall subscriber growth target by 1.05 million, causing its share price to drop more than 14%.

Netflix’s streaming revenue was US$3.8bn in Q2 2018, up 43% on last year’s results, and total revenues were up 40% at US$3.9bn, in line with the company’s forecasts.