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Hollywood, Netflix co-CEO Reed Hastings has abruptly resigned his position after nearly 25 years heading the company, signaling a sea change at the left-wing streamer.
His resignation comes after Netflix concluded its worst year in nearly a decade, with its stock dropping more than 50 percent in 2022.
Reed Hastings, who is one of Hollywood’s most reliable Democrat donors, made the announcement Thursday during the company’s fourth-quarter earnings report. He said Ted Sarandos, co-CEO and formerly chief content officer, and Greg Peters, previously chief product officer and COO, will now serve jointly as co-CEOs.
Hastings said he will stay on in the role of executive chairman.
Ted & Greg are now co-CEOs. After 15 years together we have a great shorthand & I’m so confident in their leadership. Twice the heart, double the ability to please members & accelerate growth.
