Netflix co-founder Reed Hastings resigns as CEO
Reed Hastings, the co-founder of streaming giant, Netflix, has announced that he is stepping down as co-chief executive.
The 62-year-old who co-founded the company in 1997, will move to the role of Chairman. Greg Peters, Netflix’s chief product and chief operating officer, will join Ted Sarandos, chief content officer, as a co-chief executive.
In a statement, Hastings said, “In the last two and a half years, I’ve increasingly delegated the management of Netflix to them.”
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“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.
