Longtime Netflix CFO David Wells To Leave Company

Netflix, Inc. NFLX Chief Financial Officer David Wells confirmed Monday morning he will be leaving his role at the streaming video company and plans to focus on philanthropy.

What Happened

Wells, a 14-year veteran of Netflix and CFO since 2010, will hold on to his post until a suitable successor is found and transitioned into the role, Netflix said in a press release. His departure announcement comes at a time when the streaming video company is in a "strong financial position" with "exciting growth plans," the company said. 

Wells did oversee a "debt-fueled binge on content spending," with an estimated $8.5 billion in programming costs, Variety said. On the other hand, CNBC's Jim Cramer acknowledges Netflix's spending plans were a concern years ago but said: "who is questioning it now with that market cap?" 

Why It's Important

"David has been a valuable partner to Netflix and to me," Netflix CEO Reed Hastings said in the press release. "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."

What's Next

Wells himself said in the press release he is "not sure yet" what the next stage of his life will look like. The executive does plan on focusing more on philanthropy and "big challenges."

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Photo courtesy of Netflix.