Netflix says its founder Reed Hastings is stepping down as co-CEO at the company and will serve as executive chairman
“Our board has been discussing succession planning for many years ,” Hastings wrote in a blog post on Thursday. “As part of that process, we promoted Ted to co-CEO alongside me in July 2020, and Greg to Chief Operating Officer — and in the last 2½ years I’ve increasingly delegated the management of Netflix to them.
The company said the growth also indicates that its ad-supported subscription offering, which launched in November, has gained traction. “It’s still early days for ads and we have lots to do,” the company wrote in a letter to shareholders. But it noted that engagement is better than what it had expected and “we believe the lower price point is driving incremental membership growth.
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