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Netflix CFO steps down after more than seven years on the job

Last updated: 15:23 13 Aug 2018 EDT, First published: 15:09 13 Aug 2018 EDT

Netflix display on a tablet
Wells will stay on at Netflix until his successor is appointed

David Wells, Netflix’s chief financial officer, is parting ways with the wildly popular video streaming service after more than seven years on the job.

Wells, who joined Netflix in 2004, has served as its chief financial officer since 2010, ruling the roost at the same time as Netflix poured tens of billions of dollars into original content. He will stay on at Netflix until his successor is appointed.

Read: Netflix draws mixed reaction on Wall Street after disappointing second-quarter results

“After discussing my desire to make a change with [CEO 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,” Wells said in a statement released Monday.

For his part, Wells wants his next act to “focus more on philanthropy” as well as “big challenges.”

Read: Netflix briefly overtakes Disney as the world's most valuable media company

Netflix shares were down slightly at US$343.02 in late afternoon trade.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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