Netflix Inc.’s chief architect Neil Hunt is stepping down after 18 years of service and will be replaced by Greg Peters in July who’s a Netflix veteran and works with telecom providers and consumer electronics worldwide, the company said.
Looking back in the 2015 expansion, Peters had directed the project under Hunt, which then works as the head of streamings and partnerships. Hence, it appears that the company didn’t give any reason for Hunt’s departure and later declined to comment.
With Hunt’s supervision on everything, several raised their recommendations from the designs to the algorithm of the Netflix service and faces increased technical challenges of introducing the streaming service to over 190 countries.
Providing high-definition video online to millions of homes worldwide is one of the difficulties a company is facing, which is likely overlooked by most investors going past around Netflix, Inc.’s multi-billion-dollar annual budget for movies and TV shows.
“Greg and Neil have collaborated through the years to make the Netflix experience all over the world absolutely incredible,” Chief Executive Officer Reed Hastings said in the statement.
The streaming service provider is scheduled to announce its first quarter reports on April 17, wherein shares rallied 16 percent this year, compared with the S&P Index’s 5.2 percent. Meanwhile, Netflix’s chief talent officer Tawni Cranz is also stepping down after joining the team in 2007 and took her current post in 2012.
Shares of Netflix, Inc. declined 0.44% during mid-day trading on Wednesday, hitting $143.11 with trading volume reaching 3,040,506 shares.
Netflix last issued its quarterly earnings results on January 18th, reporting an earnings per share (EPS) for the quarter of $0.15, topping analysts’ estimate of $0.13 by $0.02.
The company’s return on equity stood at 7.51% and a net margin of 2.11%. Moreover, Netflix has earned $2.48 billion during the quarter, topping analysts’ estimate of $2.47 billion.
The chart below illustrates Netflix, Inc.’s stock movement in the wake of chief architect Neil Hunt and chief talent officer Tawni Cranz’s exit. The stock is currently trading at $143.87 in a light trading volume of 6170, near support 141.98.
Hence, given a bearish tone on the stock, the RSI stood at 47.5895 level, marking a steady stance. It could signal that the stock could either decline or bounce back and is not prone to any side as of writing.
As Netflix’s chief architect Neil Hunt and chief talent officer Tawni Cranz is stepping down on their current post, the markets are likely to be affected and investors could trade with caution as the exit could give a conclusion that the online streaming provider faces trouble.
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