Reed Hastings has stepped down as CEO of Netflix

By Naveen Jan 20, 2023

Netflix co-founder Reed Hastings will step down as CEO of the company he founded 25 years ago.

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Netflix announced that Ted Sarandos and current COO Greg Peters will lead the streaming video service as co-CEOs.

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Hastings said he plans to stay on as executive chairman.

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It's a step-back role that company founders often take as part of succession planning.

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While Netflix struggled with subscriber losses earlier this year, it now has 230 million subscribers.

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This is an increase of 7 million from three months ago. GlobalData analysts said in a note that Hastings' departure is a "major psychological shift for Netflix."

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“As Hastings remains chairman, his expertise will still be available to the company.

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