NEW YORK (

TheStreet

) --

Netflix's

(NFLX) - Get Report

chief financial officer announced on Tuesday that he is leaving the company.

Barry McCarthy, who expressed interest to pursue broader executive opportunities outside of the company, will be replaced by David Wells. The change is effective on Dec. 10.

Wells has been at Netflix for seven years, most recently serving as vice president of financial planning and analysis.

McCarthy had been CFO since 1999 and led the company's initial public offering back in 2004.

Shares of Netflix are falling 3.4% to $6.41 in after-hours trading.

--Written by Jeanine Poggi in New York.

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