Netflix's CEO steps down
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 20 January 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
Reed Hastings is stepping down as chief executive of Netflix, central bankers are making it clear to investors that they’re going to keep raising interest rates, companies are trying to find solutions to global supply chain kinks, and the FT’s Yuan Yang explains the power of collectively remembering pandemic lockdowns in China.
Mentioned in this podcast:
Netflix co-founder Reed Hastings to step down as chief executive
Central bankers pledge to ‘stay the course’ on high interest rates
Companies race to work around choke points in world trade
China’s collective memories of the pandemic deserve to be preserved
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.1 | Good morning from the Financial Times. |
| 0:11.8 | Today is Friday, January 20th, and this is your FT News Briefing. |
| 0:18.8 | There's a big leadership shake-up at a major streaming service. |
| 0:22.9 | Corporate executives are wrestling with how to just supply chains, |
| 0:27.0 | plus many people in China have been posting video memories of 2022, a year of harsh COVID lockdowns. |
| 0:37.6 | Now having a collective narrative, which lives on in the social media, clips in these online |
| 0:43.0 | memories, says to others, you know, this was not something that you lived through alone. |
| 0:47.2 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:58.0 | Netflix co-founder Reed Hastings is stepping down as CEO, but staying on as executive chair. |
| 1:05.2 | The company made the announcement as it was reporting its quarterly earnings yesterday. |
| 1:09.4 | Hastings started the company way back in 1997 when it rented out DVDs by mail. |
| 1:16.0 | He grew the company into one of the most powerful studios and streaming services in the world, |
| 1:21.0 | but Netflix hit hard times recently, losing more than a third of its market value over the past year. |
| 1:27.5 | Netflix said yesterday that it had a pretty great fourth quarter, though, |
| 1:30.6 | revenue climbed 2% year on year, and the company added nearly 8 million new subscribers. |
| 1:42.4 | Central bankers are making it clear that they'll keep battling inflation by raising interest rates. |
| 1:47.6 | European Central Bank President Christine Lagarde had this to say yesterday at the |
| 1:52.2 | World Economic Forum in Davos, and we shall stay the course until such time when we have moved |
| 1:58.4 | into restrictive territory for long enough so that we can return inflation to 2% in a timely manner. |
| 2:04.5 | Meanwhile, in Chicago, Federal Reserve Vice Chair Lail Brainerd also used the phrase |
... |
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