Netflix CEO Reed Hastings Relinquishes His Position, Even As Subscription Numbers Rise

Reed Hastings, chief executive officer of leading OTT platform, Netflix, has relinquished his position to long-time partner and co-CEO Ted Sarandos and chief operating officer Greg Peters, according to a media report on Friday.

The change in title is immediately effective, with Sarandos and Peters serving as the chief executives while Hastings will serve as the executive chairman.

According to reports, the organisational board took the position-call for the company’s betterment which managed to surpass major customer subscriptions loss in the first half of 2022 and emerged as a year-end winner adding 7.6 million subscribers in the final quarter of last year easily topping the 4.5 million average estimate of Wall Street analysts.

It added, after-hours trading witnessed 6.1 percent of the company’s shares to USD 335.05.

Commenting on the succession Reed in a blog post said, the decision came after the board discussion, believing the right time to complete my two-decade-long succession.

Meanwhile, the company is working on its consumer spending and developing strategic plans to overcome challenges from competitors Walt Disney and Amazon.

Netflix is rolling out new terms this year as its net income fell to USD 55 million or 12 cents per share, from USD 607 million or USD 1.33 per share a year earlier though the revenue rose to 1.9 per cent to USD 7.85 billion, in line with expectations the over-the-top operator needs to fasten its seat belt after the bumpy 2022 business ride.