Reed Hastings to step down as Netflix CEO

Reed Hastings is stepping down from his role as co-chief executive of Netflix, the firm he helped found more than 25 years ago, the BBC reports.

His announcement came as Netflix unveiled a big rise in subscriber numbers at the end of last year.

With money tight, people were expected to cut back on streaming services.

But Netflix bucked that trend, adding more than seven million new subscribers, far more than analysts expected.

Harry and Meghan’s revelations were a big draw, as was new Addams Family spin-off series Wednesday, and the film Glass Onion.

“2022 was a tough year, with a bumpy start but a brighter finish,” the company said in a statement.

Mr Hastings’ long-planned move means he is leaving Netflix in a crowded market, with challenges ahead, but with 231 million viewers signed up around the globe.

Mr Hastings, who was an early pioneer in the streaming business and is seen as one of the original tech industry disruptors, will stay on as executive chairman.

The firm will now be run by Ted Sarandos and Greg Peters, both already in senior executive positions.

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