Co-founder of Netflix Reed Hastings he stepped down as chief executive officer on Thursday, shortly before the company announced results for the fourth quarter of 2022, which ended with a profit of $4,491 million.
Hastings stepped down as CEO of the streaming giant but will continue to serve as CEO of the company.
Current Co-CEO and Chief Content Officer Ted Sarandos will remain in the role and will be joined by Greg Peters, current COO, as Co-CEO.
Hastings’ announcement comes after the platform added $55 million and nearly 7.6 million new subscribers in the last three months of the year, which closed with 230.7 million subscribers and a profit for the full year of 4,491 million.
Following the release of the results, the stock value of the Los Gatos (California, USA)-based company fell 3.23% in trading after the shutdown of New York Hardwoods.
In a letter to investors, the company said it generated $31.615 million in revenue in 2022.
This “2022 has been a tough year, with a rough start but a brighter end. We believe we have a clear path to re-accelerate our revenue growth: continue to improve all aspects of Netflix, roll out payment sharing and build a ‘advertising offer”, indicates the letter.
The reasons for Hastings’ departure are unknown, although the company said in its letter that it had “completed” the “succession” process.
The outgoing manager simply noted in a tweet that “Ted and Greg are now co-CEOs (…) Twice the heart and twice the ability to please members and accelerate growth.”
Hastings co-founded Netflix in 1997. In 2020 Sarandos was named co-CEO with Hastings, while Peters was named COO.
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Source: Clarin
Linda Price is a tech expert at News Rebeat. With a deep understanding of the latest developments in the world of technology and a passion for innovation, Linda provides insightful and informative coverage of the cutting-edge advancements shaping our world.