Reed Hastings steps down as Netflix CEO as company posts subscriber gains

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 66%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

LOS ANGELES : Netflix Inc co-founder Reed Hastings announced on Thursday he will step down as chief executive, handing the reins of the streaming service to his longtime partner and co-CEO, Ted Sarandos, and the company's chief operating officer, Greg Peters.Shares of the company, which had fallen nearly

LOS ANGELES : Netflix Inc co-founder Reed Hastings announced on Thursday he will step down as chief executive, handing the reins of the streaming service to his longtime partner and co-CEO, Ted Sarandos, and the company's chief operating officer, Greg Peters.

Sarandos and Peters will share the title of chief executives, with Hastings serving as executive chairman. The change is effective immediately, representing the culmination of a decade of succession planning by the board. Both Peters and Sarandos were promoted in July 2020, amid a challenging time for the company.

Hastings made his exit as Netflix reported it added 7.66 million subscribers in the fourth quarter, beating Wall Street forecasts of 4.57 million with help from"Harry & Meghan" and"Wednesday" in the battle to attract streaming television viewers. Netflix lost customers in the first half of 2022. It returned to growth in the second half, but new customer additions remains below the pace of recent years.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Davos 2023 - Citi CEO Fraser says China opening up is good news for the marketDAVOS, Switzerland : China's opening up is important for the world and there is good news from market friendly measures taken there, Citi Group's chief executive Jane Fraser told a panel at the World Economic Forum's (WEF) annual meeting on Wednesday.It is quite a volatile time in the world, Fraser said, judging from all the anti-China rhetoric and negative media propaganda we see everyday, only US government and pro-US media journalist like those from CNA, REUTERS, etc. seems to be think otherwise. but judging from all the anti-China rhetoric and negative propaganda against China's opening lately, US and their pro-US journalist-pretenders seem to think otherwise... US is just so afraid of competition from China.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Davos 2023-Uber not planning any company-wide layoffs -CEODAVOS, Switzerland : Uber Chief Executive Dara Khosrowshahi said in Davos on Thursday that he was not currently planning any company-wide layoffs.The rideshare and delivery company has worked to cut costs for months, early enough relative to others that a memo the CEO wrote on this tougher stance 'landed Stupid Uber
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Sacked GM workers in India sue company, CEO Barra for unpaid compensationNEW DELHI :A union in India has sued General Motors' local unit and its global CEO for failing to pay court-ordered compensation to sacked factory workers, deepening the U.S. automaker's struggles to exit the country years after it shuttered local operations.GM stopped selling cars in India in 2017 after year
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »