CFO’s departure won’t change Netflix’s free-spending ways | Tech Industry
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A month after a big miss on its projected second-quarter subscriber additions led to a harrowing $24.2 billion erosion of its market value, Netflix on Monday announced that Chief Financial Officer David Wells is leaving the company.
Wells, who has served as CFO of the wildly popular streaming service since 2010, will stay onboard until his successor is hired. In a statement, Wells said his post-Netflix endeavors would “focus more on philanthropy.”
Wells’ tenure as Netflix’s financial leader coincided with the company’s evolution from a service that shipped physical copies of DVDs to subscribers’ homes to its current status as the 800-pound gorilla of the streaming-media space. Along the way, Wells pumped billions of dollars into the development of original series such as “House of Cards,” “Bojack Horseman,” “Stranger Things” and a half-dozen shows based on characters from the Marvel Cinematic Universe.
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