Reed Hastings EUROPE PRESS
Sarandos and Peters will share the title of chief executives Shares of the corporate, which fell almost 38% final yr, rose 7.9% to $340.66 on Thursday
Netflix co-founder Reed Hastings, 62, introduced Thursday that he’s resigning as CEO and can hand over the reins of the corporate to his companion and co-CEO, Ted Sarandos, and the corporate’s COO, Greg Peters.
Shares of the corporate, which fell almost 38% final yr, rose 7.9% to $340.66 on Thursday.
Sarandos and Peters will share the title of chief govt officers, with Hastings serving as chief govt. The change is efficient instantly and represents the fruits of a decade of succession planning by the board. Both Peters and Sarandos had been promoted in July 2020, amid a tough time for the corporate.
“Ted and Greg at the moment are Co-CEOs. After 15 years collectively now we have nice shorthand and I’ve nice confidence of their management. Twice the center, twice the flexibility to please members and speed up progress. Proud to be Executive Chairman for a few years,” Hastings mentioned in a message on social media.
Hastings’ announcement got here as Netflix reported it gained 7.66 million subscribers within the fourth quarter, beating Wall Street’s forecast of 4.57 million with the assistance of “Harry & Meghan.” and “Merlina” within the battle to draw viewers.