Netflix Co-founder Reed Hastings resigns as company CEO

Netflix shocked the analysts by clocking more than 7 million subscribers at the end of last year.

Source - Google

Netflix co-founder Reed Hastings has stepped down from his role as the CEO and appointed a new CEO. Interestingly, the news about his resignation comes around the same time Netflix announced a subscription gain.

Source - Google

 Netflix shocked the analysts by clocking more than 7 million subscribers at the end of last year. Harry and Meghan’s explosive web series was a major draw.

Source - Google

Hastings shared that Ted has been appointed as the new CEO of Netflix. “Starting today, Greg Peters will step up from COO to become Ted’s co-CEO. Going forward, I’ll be serving as Executive Chairman.

Source - Google

Ted, Greg and I have been working closely together in different capacities for 15 years. As is common in long, effective relationships, we’ve all learned how to bring out the best in each other.

Source - Google

I look forward to working with them in this role for many years to come,” he said in the blog post.

Source - Google

In his blog, Hastings highlighted how Greg and Ted, the new CEO and COO of the company, helped in the growth of the company.

Source - Google

The first six months of 2022 were not financially good for Netflix. The company came up with various solutions to grow in terms of revenue.

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However, Reuters has reported Netflix’s revenue has risen just 1.7 to $7.84 billion in the October-December quarter."As overall streaming growth flattens out, most of the more mature streaming platforms have leveled off as well," the report said.

Source - Google