Netflix CFO steps down

Despite having played a huge role in the company's expansion, CFO David Wells has resigned.

After eight years as head of finance for the entertainment giant Netflix, David Wells has announced he will be leaving to focus on philanthropy. During his eight-year tenure, Wells played a key role in the company’s massive – and successful – expansion, helping to grow the subscriber base well past 130 million globally.

Reed Hastings, Netflix CEO, said in a statement:

“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.”

According to the statement, Wells will help Netflix to source a replacement for the role, and also stay on long enough to ensure a smooth handover.