Netflix loses strong CFO, Supervalu names permanent finance chief.
By Denise Bedell
Netflix may face difficult times ahead as its CFO Barry McCarthy announced that he will be leaving the company. McCarthy is also in the news for unburdening himself of 100,000 shares in the company on November 29 and 30 - at prices around $200 a share, according to filings.
The company has some big shoes to fill in its search for a new finance chief, however, as analysts note that he was a driving force behind the financial success of the company over the last year.
Jefferies & Co. analyst Youssef Squali said in a research note that McCarthy’s leaving could have a big impact: “While in the last 12 months, the company has comfortably outperformed expectations, the stock’s success has been in no small part driven by Barry McCarthy’s ability to astutely guide the Street, set appropriate margins and investment targets,” he told clients.
Elsewhere, Nivea skin-cream maker Beiersdorf has announced a new finance chief, as current CFO Bernhard Duettmann will be leaving his role. Ulrich Schmidt, now head of the company’s Southeast European unit, will take over the role vacated by Duettmann. Beiersdorf is in the process of revamping its consumer products business and will drop its decorative cosmetics business in Germany, it announced.
Sherry Smith, interim CFO at supermarket chain Supervalu, has been given the finance chief position on a permanent basis. Smith has been with Supervalu since 1987. She has held roles including vice president, corporate controller and treasurer.
Biopharmaceutical company Gentium has named Salvatore Calabrese chief financial officer. Calabrese is being promoted from his current position of SVP, finance.