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. Proud to serve as Executive Chairman for many years to come https://t.co/oYc0laqMXQ
— Reed Hastings (@reedhastings) January 19, 2023
Hastings, who has been with Netflix since its inception as a DVD delivery service, didn’t provide a reason for his sudden resignation.
As Breitbart News reported, Netflix recently closed out its worst year in more than a decade, with its stock plunging more than 50 percent in 2022, wiping out a staggering $136 billion in market value.
As a result, the woke streamer is being forced to try new ways to juice revenue. Netflix broke its promise to never have commercials by launching an ad-supported tier in a bid to tap into the advertising market in the face of uncertain subscriber growth.
In a post on the company’s official blog Thursday, Hastings said Netflix’s board has been discussing succession planning for many years.
“I’ve increasingly delegated the management of Netflix” to Sarandos and Peters, wrote Hastings. “It was a baptism by fire, given COVID and recent challenges within our business. But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth.”
“So the board and I believe it’s the right time to complete my succession,” he said.
Hastings has been one of the Democrat party’s most reliable big-ticket fundraisers, heaping millions of dollars on presidential candidates including Barack Obama, Hillary Clinton, and Joe Biden. In California, he has publicly endorsed far-left politicians, including soft-on-crime Los Angeles District Attorney George Gascon.
Under Hastings’ leadership, Netflix signed a production deal with Barack and Michelle Obama under which the former first couple is producing documentaries as well as scripted content.
Follow David Ng on Twitter @HeyItsDavidNg. Have a tip? Contact me at dng@breitbart.com
COMMENTS
Please let us know if you're having issues with commenting.