Netflix co-founder Reed Hastings announces to step down
Technology
Company's shares after dropping 38% in previous year increased 7.9% to $340.66 in after-hours trading
LOS ANGELES (Reuters) - A co-founder of Netflix Reed Hastings said that he will step down as CEO and transfer control of the streaming service to the company s COO Greg Peters and his longstanding business partner and co-CEO Ted Sarandos.
In after-hours trading, the company s shares, which had dropped roughly 38 percent in the previous year, increased 7.9 percent to $340.66.
Hastings will serve as executive chairman and share the role of chief executive with Sarandos and Peters.
In 12 countries in November, Netflix unveiled a less expensive, ad-supported option to jumpstart growth. Plans to cut down on password sharing have also been made public.
At the end of December, the firm had 231 million subscribers worldwide.
