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Barry McCarthy, the Netflix CFO with one foot out the door, will end his tenure at Netflix on Friday and leave the company at least $40 million richer than he began. That's because McCarthy sold off large portions of his Netflix stock, not once, but twice in the last month, CNet report.
At the beginning of the month, McCarthy sold over 130,000 shares, netting more than $21 million. And then days before Netflix announced he was leaving the company, McCarthy sold another 100,000 shares for around $200 per share. Should we be concerned that this long-time CFO is abandoning a seemingly successful company and cashing in on over $40 million in stock?
"You should be confident that I'm leaving the business in good shape," McCarthy said at a tech conference. "There is nothing that I know that you don't know that would cause you to be sleepless about your position in the stock."
Whether McCarthy's comments come as any consolation to nervous investors remains to be seen, but it could be that he was simply looking to have cash on hand to fund whatever new venture he gets into. According to a report in Dow Jones, McCarthy said Wednesday that he wants to run his own company.