Netflix co-founder Reed Hastings will be stepping down as Chief Executive Officer of the company.
This will end a 25-year leadership that saw the company grow from a rent-by-mail DVD service to an entertainment juggernaut, according to AFP.
The United States streaming giant also announced that it ended last year with more than 230 million global subscribers.
The announcement on Thursday was above analysts’ expectations as hits such as “Wednesday” and “Harry & Meghan” enticed new viewers.
“2022 was a tough year, with a bumpy start but a brighter finish,” the company said in a letter announcing bumper fourth-quarter earnings.
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.
“It feels like yesterday was our IPO; we were covered in red envelopes,” Hastings said during an earnings call.
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