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Netflix co-founder Reed Hastings steps down as CEO as company adds subscribers
Netflix Inc co-founder Reed Hastings said on Thursday he will step down as chief executive, handing the reins of the streaming service to longtime partner and co-CEO Ted Sarandos and the company's chief operating officer, Greg Peters. Shares of the company, which had fallen nearly 38% in the past year, rose 6.1% to $335.05 in after-hours trading as the streaming video pioneer also said it had picked up more subscribers than expected at the end of last year. "It was a baptism by fire, given Covid and recent challenges within our business," Hastings said in a statement. "But they've both managed incredibly well ... so the board and I believe it's the right time to compete my succession." Hastings made his exit as Netflix said it added 7.66 million subscribers in the fourth quarter, beating Wall Street forecasts of 4.57 million with help from "Harry & Meghan" and "Wednesday" in the battle to attract streaming television viewers. Source -https://economictimes.indiatimes.com/industry/media/entertainment/media/netflix-co-founder-hastings-steps-down-as-ceo-as-company-adds-subscribers/articleshow/97155967.cms
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