Years after reigning as its guardian, Reed Hastings is now stepping down as the CEO of Netflix – and will serve as an executive chairman for the company.
His long-term partner and co-CEO, Ted Sarandos, and COO Greg Peters will be the new CEOs of Netflix. These two have played a big role in strengthening Netflix at crucial times, applauds Hastings in his farewell speech.
Netflix Gets a New CEO
Years after its inception, the video streaming giant is finally getting new CEOs in the form of Ted Sarandos and Greg Peters – who served as the co-CEO and Chief Operating Officer till now. Their way was cleared by Reed Hastings – the founder and co-CEO of Netflix, who had been serving his position since its start.
Talking on this step, Hastings said, “It was a baptism by fire, given Covid and recent challenges within our business. But they’ve both (Sarandos and Peters) managed incredibly well … so the board and I believe it’s the right time to compete for my succession.”
The company faced its worst-ever growth period in the first half of 2022, where it lost millions of subscribers for the first time in a decade! This led industry experts to call for its negative trend and a fall in its share price due to a lack of investor confidence.
Well, this all had been reversed in the second half of 2022, where Netflix gained 7.66 million subscribers in the fourth quarter – beating Wall Street forecasts of 4.57 million, as noted by Hastings. We assume it’s because of the shows “Harry & Meghan” and “Wednesday“, which helped Netflix beat the market competition.
Yet, the growth Netflix attained in H2 2022 wasn’t as significant as the previous years. But it somehow helped the platform to stay afloat while its rivals are pumping billions to beat Netflix at its own game.