New Delhi: To transfer the keys to longtime partner and co-CEO Ted Sarandos and chief operating officer Greg Peters, Netflix Inc. Co-founder and CEO Reed Hastings resigned from his position as the company’s chief executive. In after-hours trading, Netflix shares rose 6.1 percent to $335.05 as the streaming video pioneer also revealed it gained more subscribers than anticipated at the end of last year.
The company has been under pressure as a result of losing customers in the first half of 2022. Its stock, once a favorite on Wall Street, has declined nearly 38 percent over the past 12 months. ,Also read: This company became the world’s number 1 brand, leaving behind Apple; Top 10 Check List,
Hastings will serve as executive chairman and share the role of chief executive with Sarandos and Peters. The decision, which is the result of ten years of succession planning by the board, is effective immediately. Peters and Sarandos both received promotions in July 2020, a difficult time for the business. ,Also read: Your device is lost or stolen? Google’s upcoming Apple AirTag will help rivals search for places,
According to Hastings, given Covid and the previous difficulties in our business, it was a baptism by fire. But they’ve both handled that exceptionally well, so I think the board and I should compete for their replacements.
Hastings left as Netflix announced it added 7.66 million subscribers in the fourth quarter, 4.57 million above Wall Street expectations as the success of “Harry and Meghan” and “Wednesday” compete to attract viewers to streaming television. Thank you