Netflix Co-Founder, Reed Hastings, steps down as CEO; Greg Peters named co-chief
Netflix founder Reed Hastings is leaving his CEO role but will stay on as chairman, the company announced Thursday (January 19) alongside its earnings report. Greg Peters, the company’s chief operating officer and chief product, will join Ted Sarandos, chief content officer, as co-CEO.
In a blog post, Mr. Hastings stated that the move “succession planning for many years”, and that going forward he will serve as the Executive Chairman. “I’ll be helping Greg and Ted, and, like any good Chairman, be a bridge from the board to our co-CEOs. I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well,” he added.
Reed Hastings
Chief Executive Officer of Netflix
- Born: 8 October 1960 (age 62 years), Boston, Massachusetts, United States
- Net worth: 340 crores USD (2023) Forbes
- Education: Stanford University (1988), Bowdoin College (1983), MORE
- Spouse: Patricia Ann Quillin
- Parents: Joan Amory Loomis, Wilmot Reed Hastings
- Nationality: American
- Organizations founded: Netflix, Pure Software, Aspire Antonio Maria Lugo Academy, EdVoice
Sarandos, with Hastings serving as executive chairman, and Peters will share the title of chief executive officer. The change is effective immediately, representing the culmination of a decade of succession planning by the board. Both Peters and Sarandos were promoted in July 2020 amid challenging times for the company.
Mr. Hastings (62) was Netflix’s CEO for more than 20 years after taking over the role from his friend and fellow company co-founder Mark Randolph in the late 1990s.
“It was a baptism by fire, given COVID and the recent challenges within our business,” Hastings wrote in a blog post announcing his departure. “But they’ve both been incredibly well managed … so the board and I believe this is the right time to compete my succession.”
Reid Hastings will now serve as executive chairman of the company. Ted Sarandos and Greg Peters will assume the position of Chief Executive officer.
Breaking all records on Thursday (January 19), the number of subscribers on Netflix has increased to more than 230 million. At the same time, Netflix shares had fallen by about 38 percent last year. However, the company’s business later increased by 6.1 percent to $ 335.05, as Netflix also said that it made more subscribers than it expected at the end of last year. Netflix said it added 7.66 million subscribers in the fourth quarter of last year.
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