The Harry & Meghan documentary helped Netflix to beat Wall Street forecasts for the fourth quarter. Photograph: NetflixNetflix co-founder Reed Hastings announced on Thursday he will step down as chief executive, handing the reins of the streaming service to his long-time partner and co-CEO, Ted Sarandos, and the company’s chief operating officer, Greg Peters.
Mr Sarandos and Mr Peters will share the title of chief executives, with Mr Hastings serving as executive chairman. The change is effective immediately, representing the culmination of a decade of succession planning by the board. Both Mr Peters and Mr Sarandos were promoted in July 2020, amid a challenging time for the company.
Mr Hastings makes his exit on a high note. 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. The streaming video pioneer has been under pressure from restrained consumer spending and competition from Disney, Amazon and others spending billions of dollars to make TV shows and movies for online audiences.