Reed Hastings steps down as Netflix CEO, names successor

Netflix Inc co-founder Reed Hastings stepped down as chief executive of the company that upended Hollywood by delivering movies and TV shows online, handing the reins to longtime partner and co-CEO Ted Sarandos and chief operating officer Greg Peters.

Shares of Netflix rose 6.1% to $335.05 in after-hours trading as the streaming video pioneer also said it had picked up more subscribers than expected at the end of last year.

The company has been under pressure after losing customers in the first half of 2022. Its stock, a one-time Wall Street darling, had fallen nearly 38% in the past year.