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Netflix: why co-founder Reed Hastings is giving up his CEO chair, 25 years later


Mathieu Grumiaux

January 20, 2023 at 11:35 a.m.

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Reed Hastings, CEO of Netflix © nypost

© New York Post

The strong man of streaming service gives way to a new duo and takes the place of chairman of the board of directors.

Netflix has just taken a new step in its history with the announced departure of its co-founder.

Reed Hastings keeps one foot at Netflix, but offloads day-to-day management

It was during the presentation of the results for the last quarter of 2022, carried out this Thursday, January 19, that Reed Hastings announced to investors and through the press his departure from the position of CEO, which he shared with Ted Sarandos, the content manager of the streaming service.

Netflix will be carried by a new duo. Ted Sarandos remains in post, accompanied this time by Greg Peters, known to be the COO (or operations managers) of the company.

Reed Hastings does not intend to retire. The man will head Netflix’s board of directors, and will always provide advice to the management team, while keeping an eye on the group’s strategy.

A symbolic departure as Netflix must reinvent itself to keep its crown over the kingdom of streaming

By offloading the operational management of Netflix, after more than 25 years at the head of the company, Reed Hastings is only following the path of other founders before him. We think of Jeff Bezos, who released the reins of Amazon in 2021, or Bill Gates who gradually left Microsoft before his effective departure in 2008 to take care of his charitable activities.

The departure of Reed Hastings also has symbolic significance, as Netflix seeks to reinvent itself in 2023. The SVOD platform experienced a more than complicated start to 2022, with a drop in subscribers and difficulties in recruiting new viewers .

To reinvigorate its growth, Netflix has chosen to implement a new subscription with advertising, an idea which Reed Hastings was fiercely opposed to before deciding on it last year, and will toughen its rules on sharing passwords .

It may have been time for Netflix, which will have to reinvent itself to face fierce competition, to part ways with its co-founder to let a new management make the important and necessary decisions to keep its place as number 1 in global streaming.

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netflix

  • The most complete on the market
  • Often excellent original series…
  • Impeccable video compression

The American service is not the most popular in the world for nothing. With an offer of content enriched each week, an always optimal video quality and a very worked user experience, the platform is an essential choice for entertainment. Our only regret remains the constant increase in subscription prices, which makes the service a little less attractive than when it was launched… Fortunately, the number of series and films compensates for this increase.

The American service is not the most popular in the world for nothing. With an offer of content enriched each week, an always optimal video quality and a very worked user experience, the platform is an essential choice for entertainment. Our only regret remains the constant increase in subscription prices, which makes the service a little less attractive than when it was launched… Fortunately, the number of series and films compensates for this increase.

Source : Netflix press release



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