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Friday, June 9, 2023

Netflix Co-Founder Reed Hastings Steps Down As CEO Of Streaming Company

Netflix Co-Founder Reed Hastings Steps Down As CEO Of Streaming Company – Reed Hastings, co-founder of Netflix, will remain with the firm as executive chairman, he revealed on Thursday. Hastings will step down as chief executive of the streaming video pioneer, but will continue to serve as executive chairman. Greg Peters, who formerly served as chief operating officer and chief product officer, will become co-CEO alongside Ted Sarandos, according to a blog post by Reed Hastings. 

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Hastings stated that he had been delegating management responsibilities to Peters and Sarandos for over two years. In July of 2020, Sarandos was upgraded to co-CEO. “It was a baptism by fire, given Covid and recent challenges within our business,” Hastings wrote. “But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth.”

“So the board and I believe it’s the right time to complete my succession,” he added. Netflix has been under pressure from consumer spending restraints and competition from Walt Disney Co., Amazon, and others investing billions of dollars to produce TV shows and films for online audiences. Customers leaving Netflix startled Wall Street in the first half of 2022. 

The corporation resumed growing in the second half of the year. Hastings, 62, stated that he intended to serve as executive chairman alongside Sarandos and Hastings for “many years to come.” Bela Bajaria was also promoted to chief content officer of Netflix.


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