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Aug 13, 2018

Netflix CFO to step down after overseeing cash-fuelled expansion

Netflix CFO Wells to Step Down, Help Choose Successor

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Netflix Inc. said Chief Financial Officer David Wells plans to step down after eight years on the job in which the streaming service transformed itself into a content powerhouse big enough to rival Hollywood.

Wells, 47, will help choose a successor and stay on until his replacement takes over to make sure the transition goes smoothly, Netflix said Monday in a statement. Investors seemed to take the shakeup in stride, with shares trading down about 1 per cent as of 9:08 a.m. in early New York trading.

Netflix, more than any other streaming service so far, has aggressively pumped billions of dollars into original content as it seeks to take on traditional studios. That’s helped Netflix boost its subscribers numbers globally, but has also raised concerns about the company’s financial health. Wells’s successor will have to contend with keeping the cash burn in check going forward, as Netflix also faces stiffer competition from the likes of Amazon.com Inc. and Walt Disney Co.’s new streaming service.