Netflix’s Reed Hastings steps aside as co-CEO, stays on as executive chairman

Reed Hastings is stepping aside as co-chief executive of Netflix, the streaming giant said Thursday, in a significant leadership change that the company says completes its succession plan. Netflix said in a letter to shareholders that the transition “makes formal externally how we have been operating internally.” “It was a baptism by fire, given COVID and recent challenges within our business,” Hastings said. So the board and I believe it’s the right time to complete my succession.” The change comes as Netflix tries to accelerate its growth, which slowed significantly last year, as it faced increasing competition in the marketplace from players including Walt Disney Co.’s Disney+ and Hulu, Apple’s Apple TV+ and Warner Bros. Discovery’s HBO Max. Popular shows that helped draw large audiences included November release “Wednesday,” featuring characters from “The Addams Family”; the Rian Johnson murder-comedy movie “Glass Onion: A Knives Out Mystery,” released in December; and the recent royal docuseries “Harry & Meghan.” “Wednesday” has become the third-most watched show of all time on Netflix, viewed more than 1.2 billion hours in its first 28 days on the streaming service, according to Netflix company data, behind only “Squid Game” and “Stranger Things 4.” “Wednesday” has been renewed for a second season. Meanwhile, “Glass Onion” ranked as Netflix’s fourth-most popular English-language movie, drawing 273 million hours of viewing time by audiences.