Reed Hastings has led Netflix for more than two decades. In the last quarter of 2022, the streaming service gained an additional 7.66 million subscribers.
The co-founder of Netflix Inc. Reid Hastings is stepping down as CEO of the company he led for more than two decades, leaving the position to his longtime partners Ted Sarandos and Greg Peters, Bloomberg writes.
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Sarandos, already a co-CEO, is the company's publicist in Hollywood, while Peters, formerly COO, oversaw product development and advertising. Hastings will serve as the company's executive chairman.
“Our board has discussed succession planning for many years (even founders have to evolve!), Hastings said in a blog post. – The board of directors and I believe that the time has come to complete my succession.”
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Netflix ended the year on a high note. In the last quarter of 2022, the company added 7.66 million followers, easily beating the average Wall Street analyst estimate of 4.5 million. Revenue of $7.85 billion was in line with forecasts. Although earnings at 12 cents per share are significantly lower than the same period last year, the company predicts that its profit margin and free cash flow will improve in the coming year.
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Sarandos and Peters will lead Netflix in a rather stormy time of the media industry. The company just reported its slowest year of subscriber growth since 2011. The company's stock has lost half its value in the past year, and its growing profitability has alienated some creative people who once viewed Netflix as a sort of champion of the art world.
