Netflix shares dipped 1.8% in premarket trade Monday after the company announced Chief Financial Officer David Wells would be stepping down. Wells, who joined Netflix NFLX, -0.09% in 2004 and has been in the CFO role since 2010, will help Netflix choose his successor and stay on until the new CFO takes over. "I intend my next chapter to focus more on philanthropy and I like big challenges but I'm not sure yet what that looks like," Wells said. "David has been a valuable partner to Netflix and to me," said Netflix Chief Executive Reed Hastings. "I look forward to working with him during the transition as we identify a new CFO who will help us continue to pursue our ambitious goals," he added. Netflix shares have gained a whopping 80% so far this year, while S&P 500 SPX, +0.31% has gained 6%.
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