(HorizonPost.com) – Last week, Netflix revealed in its fourth-quarter earnings report that founder Reed Hastings is stepping down as co-CEO of the company but will stay on as chairman.
In a statement last Thursday, co-CEO Ted Sarandos thanked Hastings for his “visionary leadership, mentorship, and friendship over the last 20 years.” He said the company looks forward to working with Hastings “for many years to come.”
Chief operating officer Greg Peters will assume Hastings’ place as co-CEO and will also join the company’s board. The company did not say who would replace Peters as the new COO.
Hastings co-founded Netflix in 1997. In July 2020, Sarandos was promoted to co-CEO while Peters was appointed chief operating officer.
In a tweet last Thursday, Hastings said he plans to remain at Netflix as executive chairman “for many years to come.”
Hastings is stepping down from the helm just as Netflix has been attempting various pivots hoping to boost subscribers and rebound after the company struggled in recent quarters.
In a blog post, Hastings said the past two and a half years have been “a baptism by fire” due to recent business challenges and the COVID pandemic.
In the current executive shake-up, Bela Bejaria, who served as Netflix’s global head of television, will become the chief content officer while the former head of global film, Scott Stuber, will step in as chairman of Netflix Film.
According to its fourth-quarter earnings report, Netflix added 7.66 million subscribers, exceeding the 4.57 million projected by Wall Street.
The company is projecting a 4 percent growth in revenue for the first quarter of 2023, higher than the 3.7 percent Wall Street is currently projecting.
According to Netflix, its first-quarter growth will be driven both by the increase in paid memberships and the increased membership cost.
This year, Netflix is rolling out its paid sharing program which aims to get more money from users who previously shared passwords with people outside of their households.
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