from Hacker News

Netflix co-founder Reed Hastings to step down from co-CEO

by pcbro141 on 1/19/23, 9:03 PM with 24 comments

  • by __derek__ on 1/19/23, 9:20 PM

    Summarizing:

    * Hastings: Co-CEO/Chairman => Executive Chairman

    * Ted Sarandos: Co-CEO + board member => Co-CEO + board member

    * Greg Peters: COO => Co-CEO + board member

    [1]: https://about.netflix.com/en/news/ted-sarandos-greg-peters-c...

  • by parasti on 1/20/23, 7:15 AM

    I was a subscriber for a number of years, but can't really justify giving them money when most of their shows are poorly written, stumble along for a season and then get quickly cancelled due to, surprise, low viewership. Even when every star aligns for them to create a great show, they manage to turn it into an unwatchable disaster - see the handling of The Witcher.

  • by dredmorbius on 1/19/23, 9:36 PM

    4Q22 financials w/ announcement: <https://s22.q4cdn.com/959853165/files/doc_financials/2022/q4...>

    Netflix announcement: <https://about.netflix.com/en/news/ted-sarandos-greg-peters-c...>

    (From slightly later HN submissions.)

  • by autokad on 1/19/23, 10:26 PM

    the earnings report was interesting. HUGE beat on subscribers (7.66m vs 4.57m exp), yet missed on revenue (7.85b vs 7.9b expected).

    if we are heading into a recession like many expect (if not in one already), then companies will cut back on ads, so it will be a challenging time to implement that new strategy.

  • by derN3rd on 1/19/23, 10:53 PM

    Without paywall: https://archive.ph/QpFcm

  • by bigB on 1/20/23, 12:18 PM

    Looks like he is getting out before the Sh!t hits the fan. As soon as they begin stopping password sharing im out and know many others that will follow. Its surprising the amount of people are only hanging onto it because their family share passwords with them and they feel guilty if they cancel....that will all go away if they stop it , and so will many subscribers

  • by f0e4c2f7 on 1/20/23, 12:06 PM

    Seems like some other CEOs may have recently departed over layoff disagreements with the board. I wonder if this is a sign of upcoming Netflix layoffs.