Netflix CEO stepping down

The man who helped create Netflix is giving up his role as Chief Executive Officer.

CNN— The man who helped create Netflix is giving up his role as Chief Executive Officer.

Reed Hastings announced the change Thursday and says a succession plan has been in the works. Hastings will stay on as Chairman.

Ted Sarandos and Greg Peters will serve as CO-CEO’s. Hastings founded Netflix in 1997 and changed the way people watch movies and shows at home.

First with its DVD mail business and later with its streaming service.

Netflix had a tough year last year. It lost subscribers and later introduced a lower priced ad-supported tier for the first time in its history.

Those changes appear to be paying off. Netflix announced Thursday it added more than seven and a half million subscribers during the last three months of 2022, well ahead of projections.

Categories: National News, News