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Netflix founder Reed Hastings stepping down as co-CEO
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Netflix founder Reed Hastings announced Thursday that he will step down as co-CEO of the subscription streaming company and take on a new role as executive chairman.
"Our board has been discussing succession planning for many years (even founders need to evolve!)," Hastings wrote in a letter released Thursday, noting that Ted Sarandos will remain co-CEO and the company's COO, Greg Peters, will be promoted to co-CEO.
"It was a baptism by fire, given COVID and recent challenges within our business. But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth," Hastings added. "So the board and I believe it’s the right time to complete my succession."
Netflix had a bumpy year in 2022, losing subscribers in the first half of the year, but adding 7.66 million paid memberships in the fourth quarter, which outperformed expectations. The company ended 2022 with 231 million subscribers globally.