Netflix co-CEO and co-founder Reed Hastings announced on Thursday his decision to step down from his role in the company. As a result, COO Greg Peters will step into Hastings’ role, where he will work together with co-CEO Ted Sarandos. Hastings will now serve as the company’s executive chairman.
“2022 was a tough year, with a bumpy start but a brighter finish. We believe we have a clear path to reaccelerate our revenue growth: continuing to improve all aspects of Netflix, launching paid sharing, and building our ads offering,” the streaming giant commented in a statement to shareholders before reaffirming its commitment to growing in profitability.
Hastings’ decision comes after the company’s fourth-quarter financial results were released on Thursday. While the addition of 7.66 million new subscribers far exceeded forecasts of 4.5 million, adjusted earnings of $0.12 versus missed expectations of $0.58 per share.
The platform’s growth is believed to be driven by the introduction of a new, ad-supported tier as well as the release of a range of high profile content, including Glass Onion, All Quiet on the Western Front, and Wednesday.