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Netflix CEO David Wells is Stepping Down From his Role

Netflix announced this month that chief financial officer David Wells plans to step down after his successor is found.

Wells, who has been CFO of the company since 2010, will be staying on the job until the streaming giant chooses a successor.

The search for a new CFO will include “both internal and external candidates.”

Wells said in a statement that after exiting Netflix, he intends to focus more on philanthropy “but I’m not sure yet what that looks like.”

“After discussing my desire to make a change with Reed [Hastings, Netflix’s chairman and CEO], 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,” Wells commented.

While at the company, Wells has s overseen a rise in content spending with multi-year deals with content creators that include Shonda Rhimes.

“These deals are going to be rarer than you might think. Not everybody gets one. You have to have that track record of being a prolific producer,” Wells said at the Morgan Stanley media and telecom conference in San Francisco earlier this year.

“Like Shonda Rhimes, we were pleased with the type of content she creates in terms of being popular globally, not just in the U.S. He creates a lot of customer joy, as we like to say.”

The full announcement from Netflix is below:

Netflix Inc. announced today that Chief Financial Officer David Wells plans to step down after helping the company choose his successor. The search will include both internal and external candidates.

Wells, who joined Netflix in 2004 and has served as CFO since 2010, intends to stay until his successor takes the role to ensure a smooth transition.

“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.”

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