CEO Reed Hastings steps down, COO Greg Peters to take co-CEO role

Netflix (NFLX) co-CEO and co-founder Reed Hastings announced Thursday he would step down from his role leading the company. COO Greg Peters will join current Netflix co-CEO Ted Sarandos in that role. Hastings will now serve as the company’s executive chairman.

Netflix also reported fourth quarter financial results that were mixed, with subscriber growth topping expectations, coming in at 7.66 million against forecasts for 4.5 million, with adjusted earnings missing expectations.

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