Reed Hastings steps down as CEO of Netflix

Posted On: January 20, 2023

Tribunnews.com Journalist Report Namira Yunia Lestanti

TRIBUNNEWS.COM, CALIFORNIA – After 25 years at the helm netflix, Hastings Reed announced his resignation as Chief Executive Officer [CEO] on the service platform streaming videos the famous of the United States, Thursday (19/1/2023).

he left Hastings Reed from the bar netflix announced by netflix after carrying out a major overhaul by laying off 300 employees last year.

Redesign is an efficiency effort netflix anticipating the global economic crisis which is causing a slowdown in business growth netflix.

“The perfect time to complete my estate. I’m very proud of the first 25 years we’ve had and very excited about the next quarter century.” Hastings explained through uploads to his personal blog.

Before stepping down from the executive chair, Hasting became one of the most recognized people for building services streaming videos netflix.

Before as successful as now, netflix which was founded in 1997 initially carried the concept of being a DVD rental place through an online system.

The mechanism is simple, users who subscribe can choose the DVD they want to rent via the internet. Then Netflix will send the DVD by postal service.

A little after, netflix again launched new innovations trying to deliver box office movies or Blockbusters in 2000, but unfortunately this plan did not receive a positive response.

Until 2007 finally netflix transformed into an online streaming service with 16 million subscribers, quoted by The Guardian.

Netflix no longer just acts as a streaming video distribution platform. However, they have now grown into a giant movie studio by producing their own original content.

Even if the company is currently experiencing a slowdown in growth in terms of operating income. But for 2022, customer netflix recorded a growth of 4%.

A total of 910,000 new customers came from America and Canada, 3.2 million from Europe, the Middle East and Africa, 1.76 million from Latin America and 1.8 million from Asia- Peaceful.

The increase in the number of Netflix subscribers has enabled this video streaming platform to post a quarterly turnover of 7.9 billion dollars. As well as a stock valuation of US$141 billion.

This success makes Hastings Reed paid a considerable salary of 453.5 million, with a total wealth of 3.3 billion US dollars quoted by Forbes.

After leaving netflixHastings plans to spend time with a philanthropic organization.

Although officially out of netflix, Hastings Reed explained that ownership of the company’s shares would not be revoked.