Saturday, June 22, 2024

Reed Hastings, Netflix co-founder, quits as CEO of the company

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Netflix co-founder Reed Hastings has stepped down as CEO and named a new CEO. Interestingly, the news of his resignation comes at the same time that Netflix announced a subscription gain. Netflix surprised analysts by registering more than 7 million subscribers at the end of 2022. Harry and Meghan’s explosive web series was a big draw.

In a blog post, Hastings shared that Ted has been appointed as the new CEO of Netflix. “Starting today, Greg Peters will step up from COO to become Ted’s co-CEO. Going forward, I’ll be serving as Executive Chairman, a role that founders often take (Jeff Bezos, Bill Gates, etc.) after they pass the CEO baton to others. Ted, Greg and I have been working closely together in different capacities for 15 years. As is common in long, effective relationships, we’ve all learned how to bring out the best in each other. I look forward to working with them in this role for many years to come,” he said in the blog post.

However, Hastings won’t be walking away from Netflix entirely; he will remain a part of the company as president. “For myself, I’ll be helping Greg and Ted, and, like any good Chairman, be a bridge from the board to our co-CEOs. I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well,” he noted. On his blog, Hastings highlighted how Greg and Ted, the company’s new CEO and COO, helped grow the company.

The first six months of 2022 were not financially good for Netflix. The company devised several solutions to grow in terms of revenue. However, Reuters reported that Netflix’s revenue rose just $1.7 billion to $7.84 billion in the October-December quarter. “As overall streaming growth flattens out, most of the more mature streaming platforms have leveled off as well,” the report said.

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