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The Netflix founder is stepping down from his role

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During Netflix’s fourth-quarter earnings call, the network announced today that founder Reed Hastings will step down from his role, to be replaced by Chief Operating Officer Greg Peters, along with current co-CEO Ted Sarandos.

For those who don’t know Hastings, he’s the guy who founded Netflix alongside fellow veteran Mark Randolph in 1997 and has been the network’s CEO since 1999 when Randolph left the company, and has overseen the company since its inception as a DVD rental service. to its current existence as one of the giants of digital broadcasting.

Ted Sarandos joined Hastings as Co-CEO in 2020, in addition to his current role as Chief Content Officer, and will remain in the role even after Hastings steps down.

In addition to this news, Netflix reported that it had an increase in its profits and also a significant increase in subscribers from the last quarter, as the network boasted 230.75 million paid memberships through the end of 2022, an increase of 7.7 million over the end of the last quarter and nearly 9 million over end of last year.

Netflix attributes the increase in earnings to the popularity of its content during the quarter, including Wednesday, which managed to become the third most popular Netflix series of all time, and Glass Onion: A Knives Out Mystery, which became the fourth most popular Netflix movie.

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