Netflix's CFO Barry McCarthy Resigns; Veteran David Wells to Succeed Him
Netflix, an internet subscription service for movies and TV shows, has promoted company finance veteran David Wells to chief financial officer (CFO) to succeed outgoing CFO Barry McCarthy, who has expressed a desire to pursue broader executive opportunities outside the company. McCarthy has served as CFO of Netflix since 1999 and led the company’s initial public offering in 2002.
Wells has served at the company for nearly seven years and combines both senior analytical and operating experience. Most recently, he served as vice president of financial planning and analysis, a position in which he reported to McCarthy and was responsible for strategic planning, forecasting and financial analysis. Previously, he headed financial planning and analysis for the company’s operations group, spanning the company’s large DVD and streaming content operations.
Prior to joining Netflix in 2004, Wells spent six years in increasingly senior roles at Deloitte Consulting, where he managed consulting engagements in the retail and consumer products industries. Wells earned an MBA in finance and economics at the University of Chicago’s Booth School of Business and an undergraduate degree in finance from the University of Virginia.