Netflix Inc. (NASDAQ: NFLX) shares took a small downturn to start off the week after the company announced that there would be a big change in senior leadership.
Essentially, Netflix’s Chief Financial Officer David Wells will be stepping down. Wells joined Netflix in 2004 and has served as CFO since 2010. He has not yet set a date for when he will be stepping down, but until then he plans to help the company choose his successor.
Netflix has been wildly successful under Wells’s guidance. Keep in mind that Netflix was only about a $10 stock at the end of 2011 and since then it has grown over 3,300% to the current price level.
Wells commented:
It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished. 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.
Reed Hastings, Netflix CEO, added:
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. 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.
Shares of Netflix were last seen down about 1% at $342.68, with a consensus analyst price target of $377.60 and a 52-week range of $164.23 to $423.21.
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.