Netflix: Netflix co-founder Reed Hastings resigns as CEO, handing over command to two key associates.

Reed Hastings, co-founder of OTT platform Netflix Inc., on Thursday resigned from the post of Chief Executive Officer (CEO). While resigning, he said that it was the right time to take a decision. He has now handed over responsibility to longtime partner and co-CEO Ted Sarandos and Greg Peters, the company’s chief operating officer.

Ted Sarandos and Grace Peters will take over as CEOs.

Reed Hastings will now serve as executive chairman. Ted Sarandos and Grace Peters will take over as CEOs. These changes to Netflix will be effective immediately. Let us tell you that Peters and Sarandos were promoted during the Corona period (July 2020) when it was a challenging time for the company.

Netflix suffered a setback in the first half of 2022

Netflix lost subscribers in the first half of 2022. But the second half saw an increase but the pace was still slow. Netflix then changed its policy to benefit the company, introducing a cheaper, ad-supported option in 12 countries last November. It has also announced plans to crack down on password sharing. Netflix wrote a letter to its shareholders saying that 2022 was going to be a tough year. We believe we have a clear path to rekindling our revenue growth.

Netflix broke all records last Thursday

On the other hand, on Thursday (January 19), breaking all the records, the number of subscribers of Netflix has increased to more than 230 million. Netflix shares, on the other hand, fell nearly 38 per cent last year. However, later the company’s trading increased by 6.1 percent to $ 335.05.