The co-founder of Netflix, Reed Hastings, has stepped down as the Co-CEO of the company after running it for 25 years; co-CEOs Ted Sarandos and Greg Peters will replace him. Reed wrote in a blog post; “As part of that process, we promoted Ted to co-CEO alongside me in July 2020, and Greg to Chief Operating Officer — and in the last 2½ years I’ve increasingly delegated the management of Netflix to them. Our board has been discussing succession planning for many years (even founders need to evolve!).”
The Service of Reed Hastings for Netflix
Hastings co-founded Netflix in 1997 and changed the way people used to enjoy movies and dramas. Netflix originally operated as a DVD subscription service but began streaming content in 2007. During his time at Netflix, Hastings has faced several scandals as the head of Netflix. He drew criticism for not firing Netflix communications chief Jonathan Friedland months after he had used racial slurs multiple times.
From censoring an episode of the comedy series “Patriot Act” that criticized the crown prince of Saudi Arabia and hosting a French film accused of promoting pedophilia, Hastings defended Netflix by claiming that it was trying to entertain and is not in the news business. Hastings said about new co-CEOs, “They have both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth. So the board and I believe it’s the right time to complete my succession.”
Netflix Soars to 230 Million Paid Subscribers
In its quarterly earnings, Netflix reports more than 230 million global subscribers, beating analysts’ expectations as hits such as “Wednesday” and “Harry & Meghan” attracted new viewers. Announcing the bumper quarter, the company said, “2022 was a tough year, with a bumpy start but a brighter finish.” Netflix now has a strong competition with Disney +, the principal analyst Paul Verna said; “What may be getting lost in the mix is that some number of new subscribers — we don’t know how many — likely came in on Netflix’s ad-supported tier.”
Also read: Netflix Introduces New Feature to Let Subscribers Kick off Freeloaders from their Accounts
