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.
“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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