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Netflix on Monday said chief financial officer David Wells plans to step down after his successor is found.
Wells joined Netflix in 2004 and served as CFO since 2010. Netflix said it will look inside and outside the company for a successor, with Wells choosing to remain with the company until one is found.
“It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished,” Wells said in a statement. “After discussing my desire to make a change with Reed [Hastings, Neflix’s CEO], 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,” he added.
During his tenure at Netflix, Wells has overseen a steep rise in annual spending — currently around $8 billion a year — to acquire and produce content so the streamer has a steady supply of new shows to grow its worldwide subscriber base. And with Amazon, Hulu, Facebook, Twitter, Apple and other companies also in the content game, and more buyers around, Netflix has seen the price for premium content rise.
“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 Hastings in his own statement.
Wells’ time at Netflix also saw the streamer move from just licensing programming to stocking its originals roster to increasingly bringing ownership in-house with overall deals with top TV producers. These includes multiyear deals with prolific TV producers Shonda Rhimes and Ryan Murphy, Orange Is the New Black creator Jenji Kohan and Stranger Things producer Shawn Levy.
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