Mainland China Investors Blocked from Accessing New Hong Kong Bitcoin ETFs 
Shein Joins Facebook, Amazon in EU Digital Regulations Compliance 
US SEC Set to Reject Spot Ether ETFs in May Amid Regulatory Hurdles 
Rishi Sunak wants to cut the cost of ‘sicknote’ Britain 
How India’s economy has fared under ten years of Narendra Modi 
Toyota Teams with Tencent, Nissan Joins Forces with Baidu in China AI Drive 
Impact of Iran-Israel conflict on Stocks, Gold and Bitcoin 
Huawei Leaks: Next-Gen Kirin CPU to Rival Apple's M3 Processor 
The idea that US interest rates will stay higher for longer is probably wrong 
Extraordinary Vietnam fraud case exposes the inherent vulnerabilities of banks 
How cuts to marginal income tax could boost the UK’s stagnant economic growth 
Aramco Becomes FIFA’s 6th Global Partner Joining Adidas, Coca-Cola, Qatar Airways, Hyundai, and Visa 
PUMA x KIDSUPER Collaboration Elevates Basketball Fashion with New MB.03 Shoe 
Inditex Re-enters Venezuelan Market with Zara Store Opening 
Food prices will climb everywhere as temperatures rise due to climate change – new research 
Netflix Inc. announced that its founder, who is also serving as its co-chief executive officer, has stepped down from his current post. Reed Hastings, who founded the streaming company in 1997, personally confirmed the news on Friday, Jan. 20.
As per CNN Business, Hastings will vacate his office as co-chief but will be staying in the company as executive chairman. His co-CEOs, Ted Sarandos and Greg Peters, are set to replace him in the role.
It was noted that under Hastings’ leadership, Netflix has permanently disrupted the movie rental businesses such as Blockbuster home video and shaken up Hollywood. He led the company into producing original content and his investments - financial aspect and time, proved to be all worthwhile.
Netflix has been doing well in the industry but experienced its worst situation last year when it lost a good number of subscribers, which happened for the first time in years. Its stock and reputation took a hit after losing subscribers due to intensified competition as more companies also dive into the video streaming business.
In response to the turnout, the company launched a new tier to provide subscribers with a lower-priced option. It added the ad-supported tier for the first time to attract new sign-ups as well.
“Starting today, Greg Peters will step up from COO to become Ted’s co-CEO. Going forward, I will be serving as Executive Chairman, a role that founders often take after they pass the CEO baton to others,” Reed Hastings said in a press release. “Ted, Greg, and I have been working closely together in different capacities for 15 years and as is common in long, effective relationships, we have all learned how to bring out the best in each other. I look forward to working with them in this role for many years to come.”
Meanwhile, Hastings' departure from the co-CEO role happened at a time when the number of Netflix subscribers was surging again. BBC News reported that the company added more than seven million new subscribers at the end of 2022, and the result was far more than what analysts had expected.
Photo by: Venti Views/Unsplash
