Online video provider Netflix Inc said on Tuesday its long-time chief financial officer Barry McCarthy has resigned and will be succeeded by company finance veteran David Wells, sending its shares down in after-hours trading.
A Netflix spokesman said McCarthy first expressed his intention to resign in 2004, but decided to remain as the company built itself into a DVD rental and streaming powerhouse.
As of November 30, McCarthy’s Netflix holdings, according to Securities and Exchange Commission filings, totaled 51.6 million shares, or 0.1 percent of the company, worth about $97.9 million based on Tuesday’s closing price.
“He always had aspirations beyond Netflix,” said company spokesman Steve Swasey, declining to elaborate.
Full story: Netflix CFO McCarthy resigns, Wells succeeds