Netflix CFO to Step Down from Company

Netflix CFO David Wells is reportedly stepping down from his position at the company, which he joined in 2004.

According to a statement from Netflix, Wells will remain the company’s CFO until a successor is found, and the search for a new CFO will be both internal and external.

“It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished,” declared Wells. “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.”

In his own statement, Netflix CEO Reed Hastings added that, “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 expressed. “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.”

Last month, it was reported that Netflix had received “far fewer subscribers” than expected in the second quarter of 2018.

Netflix received 670,000 new customers in the United States during the second quarter, which was nearly half of its goal of 1.2 million.

The company has faced several controversies over the past year, and in June its Chief of Communications was fired for reportedly using the “N-word” in front of employees.

In July, Netflix also received criticism for partnering with anti-Semitic leader Louis Farrakhan for a documentary about his life, which was subsequently canceled.

Other controversies have included Netflix appointing former Obama national security adviser Susan Rice to the company board, hiring former President Barack Obama to create content, and producing a show which was accused of “fat-shaming” by over 150,000 social justice activists.