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Netflix Inc. announced that its founder, who is also serving as its co-chief executive officer, has stepped down from his current post. Reed Hastings, who founded the streaming company in 1997, personally confirmed the news on Friday, Jan. 20.
As per CNN Business, Hastings will vacate his office as co-chief but will be staying in the company as executive chairman. His co-CEOs, Ted Sarandos and Greg Peters, are set to replace him in the role.
It was noted that under Hastings’ leadership, Netflix has permanently disrupted the movie rental businesses such as Blockbuster home video and shaken up Hollywood. He led the company into producing original content and his investments - financial aspect and time, proved to be all worthwhile.
Netflix has been doing well in the industry but experienced its worst situation last year when it lost a good number of subscribers, which happened for the first time in years. Its stock and reputation took a hit after losing subscribers due to intensified competition as more companies also dive into the video streaming business.
In response to the turnout, the company launched a new tier to provide subscribers with a lower-priced option. It added the ad-supported tier for the first time to attract new sign-ups as well.
“Starting today, Greg Peters will step up from COO to become Ted’s co-CEO. Going forward, I will be serving as Executive Chairman, a role that founders often take after they pass the CEO baton to others,” Reed Hastings said in a press release. “Ted, Greg, and I have been working closely together in different capacities for 15 years and as is common in long, effective relationships, we have 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.”
Meanwhile, Hastings' departure from the co-CEO role happened at a time when the number of Netflix subscribers was surging again. BBC News reported that the company added more than seven million new subscribers at the end of 2022, and the result was far more than what analysts had expected.
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