Netflix (NASDAQ:NFLX) stock is on the move Friday as investors react to news of co-founder and co-CEO Reed Hastings stepping down.
Despite Hastings stepping down as CEO, he isn’t leaving the company entirely. Instead, he will remain at the company in the Executive Chairman role. Hastings points out this is often a role founders take when they leave the CEO position behind.
With Hastings’ departure as co-CEO, COO Greg Peters is moving up to take over the co-CEO position. This has him serving alongside fellow co-CEO Ted Sarandos. Sarandos joined Hastings as co-CEO of Netflix in July 2020.
Here’s a portion of what Hastings said in a letter announcing his resignation:
“We start 2023 with renewed momentum as a company and a clear path to reaccelerate our growth. I’m thrilled about Ted and Greg’s leadership, and their ability to make the next 25 years even better than the first.”
More Executive Changes at Netflix
In addition to the big co-CEO change, Hastings mentioned a couple of other changes happening at the company. That includes Bela Bajaria taking over the Chief Content Officer position and Scott Stuber acting as Chairman of Netflix Film.
Today’s news brings with it heavy trading of NFLX stock. As of this writing, more than 8 million shares have changed hands. That’s closing in on the daily average trading volume of about 9.8 million shares.
NFLX stock is up 7.7% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
