Netflix co-founder Reed Hastings steps down as company CEO

Netflix co-founder Reed Hastings steps down as company CEO

Netflix co-founder, Reed Hastings announced he is stepping down as co-chief executive of the company on Thursday, Jan. 19.

Hastings, 62, who co-founded the company in 1997 when Netflix delivered its subscribers movies on DVDs sent in the mail, will now become chairman.

Greg Peters, the company’s chief product and chief operating officer, will join Ted Sarandos, chief content officer, as a co-chief executive.

Sarandos was elevated to co-CEO in July 2020.

Announcing his resignation, Hastings said in a statement: “In the last two and a half years, I’ve increasingly delegated the management of Netflix to them.”

He noted that Sarandos and Peters had dealt with the challenges of the pandemic and upheavals in the streaming industry.

“It was a baptism by fire, given Covid and recent challenges within our business,” Hastings wrote.