Hastings makes his exit on a high note. Netflix reported it added 7.66 million subscribers in the fourth quarter, beating Wall Street forecasts.
Netflix co-founder Reed Hastings announced on Thursday he will step down as chief executive, handing the reins of the streaming service to his longtime partner and co-CEO, Ted Sarandos, and the company’s chief operating officer, Greg Peters.
Sarandos and Peters will share the title of chief executives, with Hastings serving as executive chairman. The change is effective immediately, representing the culmination of a decade of succession planning by the board. Both Peters and Sarandos were promoted in July 2020, amid a challenging time for the company.
“It was a baptism by fire, given Covid and recent challenges within our business,” Hastings wrote in a blog post announcing his departure. “But they’ve both managed incredibly well … so the board and I believe it’s the right time to compete my succession.” Hastings makes his exit on a high note. Netflix reported it added 7.66 million subscribers in the fourth quarter, beating Wall Street forecasts of 4.57 million with help fromAudiences flocked to Addams family tale “Wednesday,” the third-most watched show in Netflix history, the company said.
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