David Wells will step down as Netflix CFO after 14 years at the company

  • Netflix CFO David Wells will be stepping down, according to a press release sent out by the company on Monday.

  • Wells will be staying on until a successor takes his place.

On Monday, Netflix announced that its longtime CFO, David Wells, would be stepping down. The split appears to be a friendly one, with Wells mentioning a desire to focus more on philanthropy.

Wells joined the company in 2004 and has served as the CFO since 2010, helping the company become the streaming giant that it is today.

"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 [Netflix CEO] Reed [Hastings], 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," Hastings said in a statement. "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. 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."

Wells plans to stay on until a successor takes his place, he said.

Though historically there's been low executive turnover at Netflix, there have been a few of note. Last summer, chief product officer Neil Hunt stepped down after 18 years. And in June, chief communications officer Jonathan Friedland was fired for making insensitive remarks during a company meeting.

More from Business Insider:
2 Wall Street banks made millions selling the collapsing shares of MoviePass' parent company, as their analysts kept "buy" ratings on the cratering stock
These are the 10 airlines you want to fly in Europe
Canadian interchange fees will go down