Long-time Netflix CFO Barry McCarthy is leaving the company, Netflix just announced, because he “has expressed a desire to pursue broader executive opportunities outside the company.”Translation: He wants to become a CEO, which isn’t going to happen at Netflix.
Netflix shares are down 2.5% in after-hours trading.
Make no mistake: This is a big loss for Netflix. McCarthy was a visible company rep (no. 2 after Hastings) and was surely instrumental in Netflix’s financial discipline and performance.
Company “finance veteran” David Wells is taking over as CFO.
Here’s Reed Hastings’ canned quote from the press release: “Over the last few years, Barry has balanced his affection for Netflix – and the excitement all of us have felt by the tremendous growth of the company – with his personal desire for broader professional opportunities. Barry concluded that now is the right time to seek out those opportunities, and we will be cheering for him.”
McCarthy has been Netflix CFO since 1999 and led the company’s IPO in 2002.
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