Netflix CFO Barry McCarthy Exits Company
David Wells, who has worked at the company for seven years, will replace him.
Netflix CFO Barry McCarthy, who shepherded the company through its initial public offering in 2002, said Tuesday he’ll leave the company to pursue broader executive opportunities elsewhere.
McCarthy, who has been CFO since 1999, will step down Friday and be replaced by David Wells, a seven-year veteran of Netflix who will be promoted from vp financial planning and analysis.
“Over the last few years, Barry has balanced his affection for Netflix — and the excitement all of us have felt by the tremendous growth of the company — with his personal desire for broader professional opportunities,” Netflix CEO Reed Hastings said. “Barry concluded that now is the right time to seek out those opportunities, and we will be cheering for him.”
Wall Street interpreted the remarks to mean McCarthy is seeking — or has been offered — the job of CEO at another company, whereas Hastings, the 50-year-old CEO of Netflix, has never expressed a desire to surrender the reins of the company he co-founded in 1998.
During McCarthy’s stint as CFO, the company went from private to public and its stock rose from single digits to a close Tuesday of $189.81, an increase of 6,200 percent in less than a decade.