NetFlix CFO Who Has Been On Stock Dumping Rampage Is Leaving Company
Just last week we posted the follwing: "Was this the peak of the world's most overpriced stock Netflix? A new
Form 4 filing indicates that the first defection in realization of a
sinking ship may have occurred. On November 4, Netflix Chief Financial
Officer Barry McCarthy sold 100,000 share equivalents, with 91,181
shares sold between $200.36 and $201.11 and the balance from option
exercise. The sale has left Barry with just 51,563 shares of NFLX stock.
If the CFO believes the time to take profit is in, what does
it mean for the millions of other hot potato holders?" Today we get the answer: "LOS GATOS, Calif., Dec. 7, 2010 /PRNewswire/ -- Netflix, Inc. today announced the appointment of company finance veteran David Wells as its chief financial officer to succeed outgoing CFO Barry McCarthy, who has expressed a desire to pursue broader executive opportunities outside the company. The change is effective December 10...."We offer both great gratitude and sincere best wishes to Barry. 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." Barry will be far more cheered by the absolutely immaculate timing of his NFLX stock dump at the all time high in the stock price, and his gratitude to the suckers who bought the stock is unmatched by that of even Netflix.