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Tanveer Singh Kapoor, Pune

Netflix co-founder Reed Hastings resigned as the chief executive officer of the company. His position will be taken over by co-CEO Ted Sarandos and COO Greg Peters. He made the announcement following the increase in the number of subscribers at the end of 2022. 

Reed Hastings steps down as the Chief Executive of Netflix Inc. Image credits: CNBC

In an official statement, Hastings revealed why he stepped down from this position. “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 complete my succession,” he said. 

Hastings will continue to stay as Executive Chairman. Netflix currently has 231 million global subscribers. Sarandos and Peters will be the joint CEOs of the company effective immediately. They were both promoted in July 2020 in the midst of a challenging period.

His resignation turned out to be a surprise, especially since Netflix disclosed a gain of 7.7 million subscribers between October and December 2022. The Wall Street projected the growth of 4.57 million subscribers, but Netflix managed to exceed expectations with the help of newly released series ‘Harry & Meghan’ and ‘Wednesday.’ 

In early 2022, Netflix faced an uphill battle against competitive streaming platforms such as Prime Video, HBO Max, Hulu, Disney+ and Apple TV. The company has introduced a cheaper, ad-supported option in 12 countries since November 2022. Netflix Inc.’s stock had fallen to nearly 38%, according to Wall Street.

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