Netflix has been going through several major changes these past few months. Born in 1997 as the first streaming service, which offered its subscribers the possibility of watching an enormous library of audiovisual content on demand, today it has to contend with various competitors. In recent years, some Netflix projects have turned out to be flops and the streaming giant has not always managed to keep up with other platforms such as HBO Max or Disney+ which has been able to put together a catalog full of excellent TV series. 2022 was also a very difficult year for Netflix: the shares plunged by 37% (much more than the average of 23% of the Nasdaq, the technology sector) and in the first quarter it recorded a decline in subscribers for the first time in a decade. Between October and December, however, fortunately the situation improved and surprisingly had an increase of 7.66 million in the number of subscribers compared to the third quarter (whereas only 4.5 million new subscribers were expected). However, this data has made the upper floors of the streaming giant tremble, who are trying to resolve the situation. blocking the possibility of sharing accounts – a measure that should come into force in 2023 – and offering cheaper subscriptions that include advertising.
A few hours ago it was announced that Reed Hastings, the co-founder and CEO of Netflix, has resigned.
He communicated it himself Reed Hastings saying he wants to take a step back, after the streaming giant’s board of directors discussed the platform’s future plans. Hastingscomputer scientist and mathematician, he had collaborated with Marc Randolph on the creation of the successful company way back in 1997 and had been the chief executive officer of Netflix ever since. In 2020 he had decided to be supported in the role of CEO by Ted Sarandoswho had been the head of content up until that point. He has now announced that he is stepping down as co-CEO to devote more time to philanthropy, as they have done before him Bill Gates e Jeff Bezos. It will then leave the witness a Greg Peters (who previously worked as COO of Netflix) and he will only hold on to the position of executive chairman for “many years to come.”
Reed Hastings released a statement on the streaming platform’s official blog to explain his decision to step down as co-CEO of Netflix:
“I am so proud of our first 25 years and so excited about our next quarter century. We can do so much more to better entertain the world and bring more joy to our members.Our board of directors has been discussing succession planning for many years (founders need to evolve too!). The board and I believe the time is right to complete my succession. (…) As far as I’m concerned, I will help Greg and Ted and, like any good president, I will be a bridge from the board to our co-CEOs. I will also be spending more time on philanthropy and staying very focused on the good performance of Netflix stock.”
