Netflix Co-Founder Reed Hastings Steps Down as CEO

Netflix co-founder Reed Hastings announced on Thursday that he would be stepping down as chief executive, handing the reins of the streaming service to his longtime partner and co-CEO, Ted Sarandos, and the company's chief operating officer, Greg Peters. This move marks the culmination of a decade of succession planning by the board and is effective immediately.

Sarandos and Peters will both share the title of chief executive, with Hastings serving as executive chairman. This change comes at a challenging time for the company due to the Covid-19 pandemic, however, the board and Hastings believe that this is the right time to complete the succession. Sarandos and Peters were both promoted in July 2020 and have managed the situation incredibly well.

Hastings commented on the decision in a blog post, stating, “It's been an amazing, exciting and rewarding ride, and I couldn't be prouder of the incredible team we have built and the progress we have made.” Hastings also expressed his confidence in Sarandos and Peters to continue building the streaming service.

Netflix currently boasts over 7.66 million subscribers, a testament to the strong performance of the company and the successes achieved by Hastings over the years. As he leaves the position of CEO, Hastings is confident that the future of the streaming service is in capable hands.

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