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CEO Hastings ceded control of Netflix to his two longtime associates Chief Operating Officer Greg Peters and Ted Sarandos, who has been the face of Netflix in Hollywood and had already been named co-CEO.

As Netflix Reaches 230 Million Subscribers, Its CEO And Co-Founder Steps Down

There are now more Netflix subscribers worldwide than any competition, including Amazon, Hulu, Google’s YouTube, Walt Disney Co., and Apple.

Netflix ended last year with more than 230 million global subscribers, beating analysts’ expectations as “Wednesday” and “Harry & Meghan” drew in new viewers.

As the company announced bumper fourth-quarter earnings on Thursday it said that 2022 was a tough year with a bumpy start but a brighter finish.

Reed Hastings, Netflix’s co-founder and CEO for 25 years is stepping down after leading the company from a DVD rental service to an entertainment giant.

Ted Sarandos, who has been Netflix’s face in Hollywood and had already been named co-CEO, was named co-CEO after Hastings ceded control of Netflix to his two longtime associates Greg Peters and Ted Sarandos.

During an earnings call, Hastings said, “It feels like yesterday was our IPO.”

It is my hope that some of you have held the stock for all 21 years, he added.

A Streaming Giant

Early in 2002, Netflix became a publicly traded company with an opening price of $15 per share.

Following the release of earnings figures shares in the streaming television service rose nearly 7 percent to $337.31.

As Hastings noted in a blog post Netflix has been discussing succession planning for many years.

In announcing the new position he cited Amazon’s Jeff Bezos and Microsoft’s Bill Gates as examples of tech giant founders who often hold this position.

With the addition of more subscribers than anyone could have expected Netflix announced the changing of the guard.

Over the past three months, Netflix added 7.7 million new members bringing its global membership to 230 million.

In addition to the horror-themed comedy “Wednesday,” Netflix said its third most popular series was the “Addams Family” spinoff.

Netflix also said “Harry & Meghan” and “Glass Onion: A Knives out Mystery” scored.

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