Netflix CFO to step down after replacement found

Netflix Chief Financial Officer David Wells plans to step down after eight years on the job, a time during which the streaming service morphed into a dominant force in entertainment. 

Wells, 47, will help pick his successor and stay with the company until his replacement takes over, Netflix said Monday in a statement. Wells, who joined Netflix in 2004 and has been its CFO since 2010, said he would focus more on philanthropy.

“David has been a valuable partner to Netflix and to me,” said Netflix CEO Reed Hastings. “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.”

Netflix, which started as a DVD-by-mail service, is currently the world’s biggest provider of streaming video, with roughly 130 million subscribers.

The company added 5.1 million streaming users in the latest quarter, below the 6.2 million projected by the company in April. The company also missed its targets for international growth, while financial guidance for the second quarter fell short of analyst expectations.

Shares of Netflix were off 0.9 percent on Monday. 

Wells’ successor will join a company facing intensifying competition from company’s including Amazon.com and Walt Disney, which has unveiled plans to launch a streaming service next year.

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