Netflix stock down as CFO David Wells announces departure

Netflix stock was down slightly in early trading Monday on word that Chief Financial Officer David Wells is stepping down.

Wells, who has been CFO since 2010, will stay on until his successor is chosen to ensure a smooth transition.

In a statement from the video streaming giant, Wells said he intends to focus on philanthropy.

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

“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 Reed Hastings, Netflix Chief Executive Officer. “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.”

Netflix says its search for a new CFO will include both internal and external candidates.