David wells, who served as the Chief Financial Officer at the streaming giant Netflix has finally decided to step down from the position after being at the position for as many as eight years. During his tenure, the company grew enormously while morphing into a dominant force as far as the entertainment industry is concerned. While the 47-year-old man thinks that this is the right time for him to hand over his position, he will stay until he helps the company to find his worthy successor, Netflix said in a statement on Monday. The man will retire as soon as the replacement takes over.
Wells joined the streaming giant in 2004 and has been at the position of CFO since 2010. He said that after stepping down as the CEO, he wants to focus more on philanthropy. Reed Hastings, who holds the position of CEO at the company, said that Wells has been a valuable partner to him as well as to the company. HE also added that the man managed the financial of the company extremely well, specifically at the time when the company experienced massive growth, which has helped the company to deliver great results as far as the investors are concerned.
Netflix was first started as a DVD-by-mail service and nobody would have imagined that the company would reach the position which it holds right now. The company, at present, is the world’s largest streaming video provider company with as many as 130 million subscribers all over the world. In the last quarter, the streaming giant added close to 5.1 million users. But recently, it is being observed that some results are falling short of the expectations of the analysts and the company is also missing some targets as far as the international growth of the company is concerned.