Tuesday, October 25, 2011

When CEOs Think They Know Best. Netflix Hemmorages Customers and Stocks Tumble

NICK WINGFIELD and BRIAN STELTER, On Monday October 24, 2011, 8:17 pm EDT

Reed Hastings was soaking in a hot tub with a friend last month when he shared a secret: his company, Netflix, was about to announce a plan to divide its movie rental service into two — one offering streaming movies over the Internet, the other offering old-fashioned DVDs in the mail.
“That is awful,” the friend, who was also a Netflix subscriber, told him under a starry sky in the Bay Area, according to Mr. Hastings. “I don’t want to deal with two accounts.”

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