Netflix co-founder and co-CEO, Reed Hastings, recently announced that he is leaving his post. However, the fact that Hastings is leaving will not remove him from the company.
Netflix, one of the most popular streaming services, has been through difficult times from time to time in the past year. Now it’s time for a substitution. Netflix co-creator Reed Hastings is stepping down from his role as co-CEO at the company.
Netflix CEO Resigns
Ted Sarandos, now co-CEO with Reed Hastings since July 2020, will share the reins with newly promoted chief of operations Greg Peters. These changes are currently made. Meanwhile, Hastings’ resignation as CEO will not remove him from the company. Hastings says he will continue to serve as Chief Executive Officer, where he will act as a “bridge” between the board and new CEOs.
The leader who left his seat says that this change has been planned for a long time. Because Hastings states that Sarandos and Peters have played a greater role in the management of the company in the last two and a half years. Meanwhile, Sarandos was a leader in Netflix’s transition to original content, while Peters played a key role in forging partnerships and driving the company into the gaming industry.
The departure of Hastings also shows that the timing is planned, as Netflix is slowly recovering from 2022, when it is experiencing metal fatigue. The platform lost subscribers for the first time in more than a decade in 2022, and the reason for this was the increasing competition and account sharing. On the other hand, in the report for the last quarter of 2022, it was announced that Netflix gained 7.66 million new subscribers and reached a total of 230.75 million subscribers.
Hastings also announced that they have appointed Bela Bajaria as Chief Content Officer and Scott Stuber as Director of Netflix Film. In addition to these, Netflix’s Turkey subscription prices had recently been hiked. Accordingly, the Basic Netflix plan was 63.99 TL, the Standard Netflix plan was 97.99 TL and the Special Netflix plan was 130.99 TL.