Netflix Co-CEO Steps Down As Q4 Financial Report Misses On Earnings

Netflix Co-CEO Steps Down As Q4 Financial Report Misses On Earnings


Netflix founder Reed Hastings said Thursday he would step down from serving as co-CEO of the streaming giant after the company survived a “tough year” of subscription ups and downs and falling short of adjusted earnings expectations in the final quarter.

Hastings, who will now serve as the company’s executive chairman, passed the baton to chief operating officer Greg Peters.

Peters joins the current Netflix co-CEO Ted Sarandos, who Hastings promoted to the position in July 2020 and began passing on management responsibilities to him and Peters over the last two and half years.

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“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

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