Netflix Jumps After Subscriber Beat; Hastings Gives Up CEO Title
- Streaming giant beats estimates with 7.7 million new customers
- JPMorgan analyst expects seamless transition to new leadership
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Netflix Inc. co-founder Reed Hastings is stepping aside as chief executive officer of the company he’s led for more than two decades, leaving the position to his two longtime associates, Ted Sarandos and Greg Peters.
Sarandos, who was already co-CEO, is the company’s public face in Hollywood while Peters, previously chief operating officer, has overseen its product development and push into advertising. Hastings, 62, will serve as executive chairman of the company.