Reed Hastings steps down as Netflix co-CEO
Netflix Inc Co-founder Reed Hastings will reportedly step down as chief executive, giving full control to its long-time partner and co-CEO Ted Sarandos and the company’s Chief Operating Officer (COO), Greg Peters.
Both Ted Sarandos and Greg Peters will share the title of chief executives, with Reed Hastings serving as executive chairman. The change of roles has ended a two-decade long leadership that witnessed the company grow from a rent-by-mail DVD service to an entertainment behemoth.
Reed Hastings said, “It was a baptism by fire, given Covid and recent challenges within our business. But they’ve both managed incredibly well ... so the board and I believe it’s the right time to complete my succession.”
Netflix lost customers in the first half of 2022. It returned to growth in the second half, but new customer additions remain below the pace of recent years. The company said, “2022 was a tough year, with a bumpy start but a brighter finish. We believe we have a clear path to reaccelerate our revenue growth.”
For further growth, Netflix introduced a cheaper, ad-supported option in November last year in 12 countries. It also has announced plans to crack down on password sharing. The company’s global subscriber base hit 231 million at the end of December.
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