Netflix Chief Financial Officer Resigns

Dec 7, 2010
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Declining to elaborate further, "He always had aspirations beyond Netflix," was all company spokesman Steve Swasey had to say about the situation. The person he speaks of, of course, is Netflix now-former CFO Barry McCarthy, who has now resigned, making way for succession by company finance veteran David Wells. This news "sent jitters" through Wallstreet today, says Reuters, the companies stock dropping 3.6 percent to $182.99 a share following the announcement by Netflix.

McCarthy is now expected by "courted" by other companies to gain his excellence for their own, having seen basically what a powerhouse Netflix has become with him. It was revealed by another spokesperson for Netflix that McCarthy originally had plans to resign back in 2004, but stayed for one reason or another for the period in which, I'm sure you know, Netflix turned into the massively profitable company it is today. Wells, on the other hand, has been with the company for around seven years, most recently serving as vice president of financial planning an analysis, reporting of course to McCarthy. McCarthy had been with the company since 1999 and was in charge of the company's first stock sales in 2002. I imagine he's sipping on some some fine bourbon right now, just awaiting the letters and for the telephone to start ringing directly off the hook.

[Via Reuters]


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