Netflix co-CEO Reed Hastings steps down after disastrous 2022 but remains executive chairman
Hollywood, Netflix co-CEO Reed Hastings abruptly stepped down after nearly 25 years at the helm of the company, signaling a sea change for the left-wing streamer.
His resignation comes after Netflix ended its worst year in almost a decade, with its shares dropping more than 50 percent in 2022.
Reed Hastings, one of Hollywood’s most trusted Democratic donors, made the announcement Thursday during the company’s fourth-quarter earnings report. He said that Ted Sarandos, co-CEO and former chief content officer, and Greg Peters, formerly chief product officer and chief operating officer, will now jointly serve as co-CEOs.
Hastings said he would remain as executive chairman.
Ted and Greg are now co-CEOs. After 15 years of working together, we have great shorthand and I have so much confidence in their leadership. Double the heart, double the ability to delight participants, and accelerate growth. Proud to have been Executive Chairman for many years
— Reed Hastings (@reedhastings) January 19, 2023
Hastings, who has worked for Netflix since its inception as a DVD delivery service, did not give a reason for his sudden resignation.
As Breitbart News reported, Netflix recently ended its worst year in more than a decade, with its shares down more than 50 percent in 2022, wiping out a staggering $136 billion in market value.
As a result, the awakened streamer is forced to try new ways to generate income. Netflix broke its promise to never run ads by launching an ad tier in an attempt to tap into the ad market amid uncertain subscriber growth.
In a post on the company’s official blog Thursday, Hastings said the Netflix board has been discussing succession planning for years.
“I increasingly delegated management of Netflix” to Sarandos and Peters, Hastings wrote. “This has been a baptism of fire given COVID and the recent challenges in our business. But they both did incredibly well, ensuring that Netflix continues to improve and set a clear path to accelerate our revenue and revenue growth.”
“Therefore, the board and I believe it is time to complete my succession,” he said.
Hastings has been one of the Democratic Party’s most trusted big fundraisers, raising millions of dollars for presidential candidates including Barack Obama, Hillary Clinton and Joe Biden. In California, he publicly supported far-left politicians, including pro-crime software Los Angeles District Attorney George Gascon.
Under Hastings’ direction, Netflix signed a production deal with Barack and Michelle Obama that would see the former first couple produce documentaries as well as scripts.
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