Netflix Inc. Chief Financial Officer David Wells will step down after eight years in the role, the video streaming company said on Monday.

Wells will remain with Netflix until his successor is found, a search that will consider both internal and external candidates, Netflix said.

"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 said.

Wells joined Netflix in 2004, two years after the company went public, and was responsible for content operations and strategic planning. He was made vice president of finance planning and analysis in 2008.

Netflix shares (NFLX) fell 1.8 percent to $339.72 on Monday morning.