Netflix CFO David Wells to step down

Netflix's chief financial officer David Wells will step down from the role to dedicate his time to his philanthropic work and "big challenges".

On Monday, Wells, who joined Netflix in 2004 and took over as its CFO in December 2010, revealed that he would stay with the video-on-demand giant until a successor was in place to take the reins.

Wells said that after discussing his desire to make a change with Netflix's chief executive Reed Hastings, the pair agreed that with the firm's "strong financial position and exciting growth plans", the time was right to look for the group's next financial leader.

In his written statement, Wells said he wanted to turn his focus more on philanthropy and bigger challenges moving forward.

As of 1640 BST, Netflix shares were down 0.58% to $343.87 each.