Netflix co-founder Reed Hastings steps down as CEO, handing over to two key allies

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- Netflix wrote a letter to its shareholders saying that 2022 was a difficult year

- Shares of Netflix have fallen nearly 38 percent in the past year

New Delhi, Dated 20 January 2023, Friday

Reed Hastings, co-founder of OTT platform Netflix Inc., resigned as chief executive officer on Thursday. While resigning, he said that now is the right time to take this decision. He has now handed over the reins to longtime partner and co-CEO Ted Sarandos and the company's chief operating officer, Greg Peters.

Netflix lost subscribers in the first half of 2022. But the second half of the year saw growth although the pace was still slow. Netflix then changed its policy last November to benefit the company by introducing a cheaper, ad-supported option in 12 countries. It has also announced plans to crack down on password sharing. In a letter to its shareholders, Netflix said that 2022 was a difficult year. We believe we have a clear path to re-accelerate our revenue growth.

On Thursday, January 19, breaking all records, the number of Netflix subscribers increased to more than 23 million. At the same time, Netflix's shares fell nearly 38 percent last year. However, the company's business has increased by 6.1 percent to $335.05.

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