Hastings Hiding Out in Wyoming

22 Sep, 2011 By: Erik Gruenwedel

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Facebook post indicates Netflix CEO Reed Hastings has a sense of humor about his company’s recent PR debacles

When the going gets tough, the smart (and well-heeled) get out of town.

Take Reed Hastings, the beleaguered co-founder and CEO of Netflix, who last Sunday issued a mea culpa blog apologizing for his arrogance toward a segment of his customers who now are leaving the leaving the high-flying subscription video-on-demand service at a faster rate than expected.

Sept. 20 found Hastings apparently holed up in Cody, Wyo., according to a 9:49 p.m. post on his Facebook page.

“In Wyoming with 10 investors at a ranch/retreat. I think I might need a food taster. I can hardly blame them,” Hastings posted.

A responder to Hastings’ blog jokingly offered to airlift PowerBars to the executive.

Indeed, recent events, which included a 60% rate increase to Netflix’s most popular rental plan and the pending spin-off of a separate freestanding disc rental service dubbed Qwikster, have sent the company’s shares freefalling.

Shares hovered below $129 in midmorning trading — a precipitous fall from an all-time high of $304 per share during the summer.

 

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