At the time when Netflix has expanded into an entertainment behemoth focusing more on TV shows and movies, David Wells, its Chief Financial Officer (CFO), is vacating the post.
Wells is said to have served for eight years in the position. In a statement on Monday, Netflix announced that the 47-year-old official would select a new CFO. To guarantee the plain-sailing transition, Wells will stay in his post until his successor is available to take his place.
Philanthropy is the primary reason why the streaming giant’s top financial executive is leaving. In a report by MarketWatch, Wells said in a statement that he likes huge challenges though he is “not sure yet what that looks like.”
Wells captained the financial side of Netflix. Pumping billions into new films and TV shows, he proved skeptics wrong regarding their expectations of the amount the company could allocate for programming while staying financially afloat at the same time.
When Wells stayed in the Netherlands for a while to enhance Netflix’s European branches, the outreach of the streaming service grew to over 190 countries between 2015 and 2017.
According to Wells’s LinkedIn profile, before joining the streaming service giant, he served at Deloitte Consulting. In addition, he has served on the board of advertising technology provider, The Trade Desk, since 2016.
Wells holds a Master’s in Business Administration and Master of Public Policy at the University of Chicago. Netflix Chief Executive Officer Reed Hastings remarked that Wells had been a “valuable partner” to the company and himself.
The Netflix head added that his outgoing CFO was able to skillfully administer the company’s finances during the period of dramatic expansion.
Hastings said that Wells made it possible for the company to make and deliver superb entertainment experiences to their Netflix customers and impeccable returns to their investors.