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Netflix board has been discussing succession planning for many years
Netflix became a publicly traded company in early 2002 at an opening price of $15 a share

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Netflix co-founder steps down as it gains 230 mn subscribers

Name: Netflix co-founder steps down as it gains 230 mn subscribers
Uploaded: 2023-01-20T13:32:41.000+05:30
Duration: T00M39S
Channel: Editorji News Desk
Description: The changing of the guard was announced as Netflix posted added subscribers that blew past even the most optimistic expectations

The change of the guard was announced as Netflix added subscribers that blew past even the most optimistic expectations

Updated: Sep 02, 2022 10:53

Editorji News Desk

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Netflix co-founder steps down as it gains 230 mn subscribers

After 25 years of leadership, Netflix announced that co-founder Reed Hastings is stepping down as CEO.

The move comes after the US streaming giant ended last year with more than 230 million global subscribers, beating analysts' expectations as hits such as "Wednesday" and "Harry & Meghan" enticed new viewers.

Netflix became a publicly traded company in early 2002 at an opening price of $15 a share.

Shares in the streaming television service were up nearly 7 percent to $337.31 in after-market trades that followed release of the earnings figures.