Netflix CFO McCarthy Leaving Company7 Dec, 2010 By: Erik Gruenwedel
Netflix Inc. Dec. 7 said Barry McCarthy — its only CFO — is leaving the company, effective Dec. 10.
David Wells, VP of financial planning, will assume McCarthy’s position, according to Netflix, which made the announcement at the close of Wall Street.
McCarthy, who has been with Netflix since its founding 11 years ago, cited a desire to pursue broader executive opportunities as his reason for leaving.
“We offer both great gratitude and sincere best wishes to Barry,” said Netflix founder and CEO Reed Hastings. “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.”
Analyst Ralph Schackart with William Blair & Co. said McCarthy’s experience and achievements make him a prime target for companies looking to enter the streaming business.
“We suspect McCarthy has invitations to join other companies,” analyst Ralph Schackart wrote in a note. “Moreover, his 11-year tenure at Netflix was significantly longer than the average Silicon Valley employment tenure of [four to five] years.”