Netflix CFO David Wells To Resign - Update

(RTTNews) - Netflix Inc. (NFLX) Monday announced that its Chief Financial Officer David Wells plans to leave the online video streaming service giant.

Netflix also said that Wells will stay with the company until a successor is found and a smooth transition is ensured. The company's search for a new CFO will include "both internal and external candidates."

"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."

Wells also said he now intends to focus on philanthropy.

"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," said Reed Hastings, Netflix Chief Executive Officer.

Wells had joined Netflix in 2004 and has served as CFO since 2010. He has played a key part in the company's massive growth. In recent years, Netflix has recorded significant growth and has transformed itself from a U.S.-only streaming service to an international streaming giant, helped by its original content. Netflix now boasts over 130 million members worldwide.

However, in its last earnings results, Netflix fell short of subscriber estimates, indicating the slow down of its sharp growth both domestically and internationally.

NFLX is currently trading at $342.92, down $2.89 or 0.84%, on the Nasdaq.