David Wells is stepping down as CFO of Netflix Inc.

In an Aug. 13 news release, the company said Wells will exit after helping the company choose his successor. The search will include both internal and external candidates.

"After discussing my desire to make a change with [Netflix CEO Reed Hastings], we agreed that with Netflix's strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company," said Wells in the release. "Personally, 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 joined the streaming giant in 2004 and has served as CFO since 2010.