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Posted on August 14, 2018 by staff

Netflix finance boss to leave after 14 years

The chief financial officer of streaming giant Netflix has revealed he plans to step down after 14 years with the company.

David Wellsplans, who guided the Nasdaq-listed business through “rapid growth” and delivered “outstanding financial returns”, will stay with the company until a successor is appointed.

Wellsplans joined Netflix in 2004 and was appointed CFO in 2010.

“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.”

Reed Hastings, chief executive, added: “David has been a valuable partner to Netflix and to me. He skillfully managed our finances during a phase of dramatic growth that has allowed us to create and bring amazing entertainment to our members all over the world while also delivering outstanding returns to our investors.

“I  look forward to working with him during the transition as we identify a new CFO who will help us continue to pursue our ambitious goals.”

As of 30th June, Netflix had a total of 130.1 million subscribers.