Netflix Co-Founder Steps Down as CEO: “The Board and I Believe It’s the Right Time”
Netflix co-founder Reed Hastings stepped down as CEO this week, stating: “The board and I believe it’s the right time.”
Hastings stepped down as chief of the online streaming service, handing control over to his longtime colleague and co-CEO, Ted Sarandos, and his COO, Greg Peters, Reuters reported.
The co-founder decided to step down as Netflix made a recovery in the last quarter of the year, following millions of dollars in losses in 2022.
The streaming video service was facing pressure after it lost customers in …