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.
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