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CNN
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Netflix announced Thursday that its founder Reed Hastings is stepping down as the company’s co-CEO and will serve as executive chairman. Hastings will be replaced by co-CEOs Ted Sarandos and Greg Peters.
“Our board has been discussing succession planning for years (even founders need to evolve!),” Hastings wrote in a blog post Thursday. “As part of that process, we promoted Ted to co-CEO and Greg to chief operating officer alongside me in July 2020 — and I’ve increasingly delegated the management of Netflix to them over the past two and a half years.”
Hastings founded Netflix in 1997 and changed the way countless families watched movies and shows, first through its DVD-by-mail business and later through its streaming video service.
Under Hastings’ leadership, Netflix disrupted legacy movie rental companies like Blockbuster and helped shake up Hollywood by starting an arms race of investing in original content. It also survived a notable misstep in 2011 when the company briefly planned to spin off its streaming service from its DVD business, rebranding the latter as Qwikster.
Last year, however, Netflix saw its stock and reputation take a hit after losing subscribers amid heightened competition from rival streaming services. In response, Netflix launched a low-cost, ad-supported tier for the first time in its history.
Those changes may be paying off. In its earnings report Thursday, the streamer said it added more than 7.6 million subscribers in the last three months of last year, above the 4.5 million additions it estimated for a global total of more than 230 million subscribers.
The company said the growth indicates that its ad-supported subscription offering, which launched in November, has gained traction.
Shares of Netflix rose nearly 4% in after-hours trading after Thursday’s report.
The company said in a statement Thursday that the leadership change “formalizes externally how we are operating internally.” And Hastings added in his blog post that Sarandos and Peters “have complementary skill sets, deep knowledge of entertainment and technology, and proven track records at Netflix.”
“Since Reed began delegating management to us, Greg and I have built a strong operating model based on our shared values and like-minded vision for growth,” Sarandos said in a statement. “I am very excited to begin this new chapter with Greg as co-CEO.”
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