Netflix CEO Reed Hastings steps down even as streaming giant adds subscribers: Report

After a year of losing people in the form of subscribers, Netflix will witness another shift. As per latest updates, the co-founder and CEO of Netflix, Reed Hastings said that he will step down from the role of the chief executive. The development now comes at a time when the streaming giant reportedly also added more subscribers.

According to a Reuters report, Netflix’s Reed Hastings, after stepping down as the CEO has handed the reins to co-CEO Ted Sarandos and the Chief Operating Officer (COO) Greg Peters. Netflix shares also reportedly rose in after-hours of the market as the company disclosed that it gained some subscribers more than expected.

The report adds that now Sarandos and Peters will share the title of the CEO’s and Hastings will serve as the Executive Chairman.

“It was a baptism by fire, given Covid and recent challenges within our business….But they’ve both managed incredibly well … so the board and I believe it’s the right time to compete my succession,” Hastings said in a statement, as per Reuters.

In the first half of 2022 itself, Netflix reported of losing subscribers, primarily due to the password sharing feature. Ever since, in an effort to regain them, the company has been working strategically, ensuring that the targets are achieved. Outlookindia