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BREAKING NEWS: Reed Hastings Quits As CEO At Netflix

Struggling streaming Company Netflix, who last year announced the loss of millions of subscribers, has now announced that co-founder Reed Hastings is stepping down after 25 years running the company.

Netflix shares, that had fallen 3.2 per cent today, instantly climbed in After Hours trading.

This news broke before Netflix announced it added 7.7 million subscribers during the December quarter, with revenue rising 1.9 per cent to A$11.43 billion.

Under Hastings’ watch the business grew from a mail order video disc rentals business into a streaming behemoth, seeing off Blockbuster stores in Australia.

The business, who named content chief Ted Sarandos co-CEO in 2020, said he will continue on in that role but is now sharing duties with co-CEO Greg Peters, Netflix’s former chief operating officer.

Hastings isn’t completely out from the company, though. According to a blog post, he’s taken on the role of executive chairman, a position he says he’ll be at “for many years to come” in a tweet.

The shift comes as Netflix rolls out ad-supported streaming for the first time, something Hastings had publicly resisted for years until a drop in subscribers pushed the Company to change.

The Company has issued the following statement:

“Starting today, Greg Peters will step up from COO to become Ted’s co-CEO. Going forward, I’ll be serving as Executive Chairman, a role that founders often take (Jeff Bezos, Bill Gates, etc.) after they pass the CEO baton to others.

“Ted, Greg and I have been working closely together in different capacities for 15 years. As is common in long, effective relationships, we’ve all learned how to bring out the best in each other. I look forward to working with them in this role for many years to come.

“Ted and Greg have developed great trust and respect for each other through their collective successes and failures. In addition, they can always be relied upon to put Netflix’s interests first. These qualities – combined with their complementary skill sets, deep knowledge of entertainment and technology, and proven track record at Netflix – create a unique opportunity to deliver faster growth and greater success long term with them as co-CEOs.”

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