Netflix CEO Steps Down Following ‘Tough Year’ Of Subscription Ups And Downs

Netflix CEO Steps Down Following ‘Tough Year’ Of Subscription Ups And Downs


Netflix founder Reed Hastings will reportedly step down as co-CEO following a “tough year” of subscription ups and downs.

He will now serve as the company’s executive chairman as chief operating officer Greg Peters takes over his CEO position.

“It was a baptism by fire, given COVID and recent challenges within our business,” Hastings wrote

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“But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth,” he added. “So the board and I believe it’s the right time to complete my succession.”

Peters will now join the current Netflix co-CEO Ted Sarandos. 

Netflix, which has been losing subscribers at monumental levels, has been working to find its balance and market fit

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