Netflix CEO Reed Hastings posted an apology on the Netflix blog about the way they communicated the price increase and why they're spinning off the DVD division as Qwikster ("A Netflix Company."). Hastings named Andy Rendich, who spent the past 12 years running the Netflix DVD service, as CEO of the new company. The new DVD-focused Qwikster will rent games, and will appear as Qwikster on your credit card statement if you have a DVD subscription.
Hastings apologized for the way the changes were communicated, saying that he "messed up." and "I owe everyone an apology."
In hindsight, I slid into arrogance based upon past success. We have done very well for a long time by steadily improving our service, without doing much CEO communication. Inside Netflix I say, “Actions speak louder than words,” and we should just keep improving our service.
Hastings an Rendich posted a short video:
Thanks to Billy and everyone else for sending this in.