Look for a Big Change in Netflix Senior Leadership
Netflix shares took a small downturn to start off the week after the company announced that there would be a big change in senior leadership.
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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.
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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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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
