Netflix CFO David Wells to Exit Company

Netflix CFO David Wells has announced that he is leaving the company.

On Monday, the streaming giant announced that Chief Financial Officer David Wells, a 14-year veteran of the company, will be stepping down to instead focus on philanthropy.

“It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished,” Wells said in a statement, according to CNBC. “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.”

Netflix CEO Reed Hastings also commented on Wells’ exit, praising his time at the company.

“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,” Hastings, Netflix Chief Executive Officer, said. “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.”

Wells, who joined Netflix in 2004 and went on to be named Netflix’s chief financial officer in 2010, will remain with the company until a successor is chosen, a search that will include both “internal and external candidates.”

He notably became a key figure in the streaming giant’s international expansion, which saw Netflix expand to more than 190 countries globally, according to Variety, with a global footprint that is expected to grow from 83.6 million at the end of 2018 to 255.2 million in 2028. Wells also engineered a major content spending budget that has projected the company spending upwards of $8 million on original content in 2018.

The streaming platform, which tallies 51 percent of American streamers according to a CNBC All-American Economic Survey, will add an estimated 700 original titles to its library this year ranging from movies to TV shows. Among the slated additions are several foreign series that have either been renewed or picked up by Netflix, the streaming service stating their belief that “great storytelling transcends borders.”

The additions include Italian original movie Rimetti A Noi I Nostri Debiti, Idris Elba-starring comedy Turn Up Charlie, an untitled series from France about the 1984 murder of Grégory Villemin, and several more.