Wells been with the video streaming company for 14 years, eight of which he served in the capacity of CFO. He joined Netflix in 2004, two years after the streaming service went public. Netflix is considering external and internal candidates to replace this position.
Wells is expected to remain with the company until they fill the position. It was also reported by MarketWatch that Wells would like to focus more on “philanthropy.”
Netflix CEO Reed Hastings praised Wells for being a “valuable partner” to the company. In particular, Hastings noted that Wells was able to “skillfully” manage their finances during their dramatic growth, which allowed them to create and bring “amazing” entertainment to their members worldwide, in addition to delivering returns to their investors. Hastings will continue to work with Wells until a CFO successor is named.
Monday morning, the share price of Netflix dropped by a small percentage.
In other streaming news, Netflix’s market value had reached $150 billion in May, exceeding Comcast.
