New Delhi: In order to transfer the keys over to a 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 increased 6.1 percent to $335.05 as the pioneer of the streaming video also revealed that it had gained more customers than anticipated at the end of the previous year.
As a result of losing consumers in the first half of 2022, the company has been under pressure. Its stock, once a favourite on Wall Street, has decreased by about 38 percent in the previous 12 months. (Also Read: THIS company beats Apple to become no 1 brand in the world; check list of top 10)
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 board succession planning, is effective right away. Peters and Sarandos both received promotions in July 2020, which came at a difficult time for the business. (Also Read: Lost your device or it is being stolen? Google's upcoming Apple AirTag-rival will help in discovering locations)
Given Covid and previous difficulties in our business, it was a baptism by fire, according to Hastings. But they've both handled exceptionally well, so I think the board and I should compete for their replacement.
Hastings left as Netflix announced that it added 7.66 million subscribers in the fourth quarter, above Wall Street expectations of 4.57 million thanks to the success of "Harry & Meghan" and "Wednesday" in the competition to draw viewers for streaming television.
