Daily Management Review

Reed Hastings leaves Netflix


Reed Hastings, the co-founder of Netflix Inc., ceded control of the organization to longtime co-CEO Ted Sarandos and COO Greg Peters. Netflix Inc. is credited with saving Hollywood by pioneering the online streaming of movies and television episodes.

republica GmbH via flickr
republica GmbH via flickr
After the regular trading session ended, shares of Netflix increased by 6.1 percent to $335.05. The pioneer in streaming video also revealed that it had more new customers than anticipated as of the end of the previous year.
Prior to it, the business was under pressure due to customer losses in the first half of 2022. Its stock, which was formerly among the most well-liked on Wall Street, has lost nearly 38% of its value in the last 12 months.

As co-CEOs, Sarandos and Peters will lead the business together, while Hastings will take on the role of executive chairman. The choice, which takes effect right away, is the result of a process of succession planning that the board has been working on for about ten years. Peters and Sarandos both received promotions in July of the company's tough 2020 year.

source: nytimes.com