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    Reed Hastings steps down as Netflix CEO

    Reed Hastings steps down as Netflix CEO

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    High Court orders suspension of bank to MPesa charges

    High Court orders suspension of bank to MPesa charges

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    YouTube to allow creators to monetize Shorts content starting February 1

    YouTube to allow creators to monetize Shorts content starting February 1

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

    PayPal threatens users with a $2,500 fee for disinformation, instantly retracts after uproar

    PayPal threatens users with a $2,500 fee for disinformation, instantly retracts after uproar

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    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Laptop buying mistakes you should avoid

    Laptop buying mistakes you should avoid

    Lenovo X1 Carbon 5th Generation Review: just good enough

    Lenovo X1 Carbon 5th Generation Review: just good enough

  • Smartphones
    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

    All you need to know about the new iPhone 14 lineup

    Xiaomi 12S Series flagship features a huge 1-inch sensor

    Xiaomi 12S Series flagship features a huge 1-inch sensor

    Infinix is bringing 180W wired fast charging speeds to its next flagship phones in 2022

    Infinix is bringing 180W wired fast charging speeds to its next flagship phones in 2022

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    How to use ChatGPT and get the most out of it

    How to make and upload YouTube Shorts with ease

    How to make and upload YouTube Shorts with ease

    How to watch YouTube without ads on Android TV

    How to watch YouTube without ads on Android TV

    Samsung’s Freestyle Projector now available to purchase in Kenya

    Samsung’s Freestyle Projector now available to purchase in Kenya

    How to change your Zoom background

    How to change your Zoom background

    Samsung Galaxy Z Flip 3 does over 418,000 folds in test

    Samsung Galaxy Z Flip 3 does over 418,000 folds in test

    Jumia marks its 10th anniversary, selling motorcycles for Sh10

    Jumia marks its 10th anniversary, selling motorcycles for Sh10

    Best portable Bluetooth Speakers you can get right now in Kenya

    Best portable Bluetooth Speakers you can get right now in Kenya

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    My six social media predictions for 2023

    My six social media predictions for 2023

    Blue, Gold and Grey: Twitter starts rolling out distinct verification marks

    Blue, Gold and Grey: Twitter starts rolling out distinct verification marks

    Twitter is planning to start charging $20 a month for verification

    Twitter is planning to start charging $20 a month for verification

    YouTube to introduce handles for users to identify themselves

    YouTube to introduce handles for users to identify themselves

    Twitter starts rolling out editable tweets

    Twitter starts rolling out editable tweets

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Home News

Reed Hastings steps down as Netflix CEO

Brian Murimi by Brian Murimi
January 20, 2023
in News
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Reed Hastings steps down as Netflix CEO
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Reed Hastings is stepping down as Netflix’s chief executive officer, the company he co-founded 25 years ago.

In a blog post, Hastings, who founded Netflix in 1997 as a DVD-by-mail service, stated that he has been increasingly delegating responsibility.

“Our board has been discussing succession planning for many years (even founders need to evolve!)”, Hastings wrote. “I’m so proud of our first 25 years, and so excited about our next quarter of a century.”

Greg Peters, the chief operating officer, has been elevated to co-chief executive alongside Ted Sarandos, who oversaw programming during Netflix’s significant investment period and was elevated to that position in 2020 along with Hastings.

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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

The change occurs at a time when Netflix has lost more than a third of its market value since admitting its decade-long growth spurt had peaked. The task of reviving Netflix and guiding it through a more challenging period for the entertainment business will fall to Sarandos and Peters.

Hastings will continue in his position as executive chair. Although he plans to “spend more time on philanthropy,” the billionaire founder of Netflix said he will “remain very focused on Netflix stock doing well.”

Netflix has made two significant moves to support its business as subscriber growth slows: launching a less expensive streaming service with advertisements and attempting to curtail password sharing, a practice it had largely ignored when growth was brisk.

In collaboration with Microsoft, Netflix acted swiftly to develop an advertising tier, launching the service in November for $7 per month. The business expressed satisfaction with the preliminary results on Thursday.

 

Tags: NetflixReed Hastings
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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