LOS GATOS (dpa-AFX) – At the streaming giant Netflix, the era of company founder Reed Hastings is coming to an end. After more than two decades, the 62-year-old has retired from top management, as the company announced on Thursday after the US stock market closed. The resignation followed a surprisingly strong final quarter. Not least thanks to the success of the “Harry & Meghan” documentary series, user growth for the online video service at the end of the year was significantly better than expected. The news was initially well received by investors.
“Even founders need to evolve!” Hastings wrote on the company blog. Since 2020, he has formed a dual board with long-time top manager Ted Sarandos at Netflix. Hastings is now taking a back seat, but should retain a great deal of influence as executive chairman of the board. Netflix promoted Greg Peters, who was previously responsible for day-to-day business on the board, to succeed him as co-boss alongside Sarandos. Hastings explained that he had already increasingly left the management to the two in the past two and a half years.
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