Netflix co-founder Reed Hastings resigns as company CEO -
Netflix co-founder Reed Hastings resigns as company CEO
Posted 20 Jan 2023 01:16 PM

Image Source: AGENCIES

Date :- 20-01-2023
Watsupptoday Desk

Netflix co-founder Reed Hastings has stepped down from his role as the CEO and appointed a new CEO. Interestingly, the news about his resignation comes around the same time Netflix announced a subscription gain. Netflix shocked the analysts by clocking more than 7 million subscribers at the end of last year. Harry and Meghan’s explosive web series was a major draw. In a blog, 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. However, Hastings will not entirely step away from Netflix, he will continue to remain a part of the company as the chairman. “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. Hastings highlighted how Greg and Ted, the new CEO and COO of the company, helped in the growth of the company. The first six months of 2022 were not financially good for Netflix. The company came up with various solutions to grow in terms of revenue. Reuters has reported Netflix’s revenue has risen just 1.7 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.

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