Netflix founder and co-CEO Reed Hastings announced Thursday that he would step down after more than two decades at the company.

While news of his departure comes as a shock, Hastings noted that Netflix has planned its next era of leadership “for many years” in the announcement, which was shared on the company’s blog. In 2020, Netflix named Ted Sarandos, who has long led the company’s content efforts, as co-CEO alongside Hastings. Netflix described the change at the time as formalising how the company was already operating. In Hastings’ absence, Netflix will maintain the co-CEO structure, promoting COO Greg Peters to the tandem role with Sarandos.

Netflix founder and co-CEO Reed Hastings announced Thursday that he would step down after more than two decades at the company.

While news of his departure comes as a shock, Hastings noted that Netflix has planned its next era of leadership “for many years” in the announcement, which was shared on the company’s blog. In 2020, Netflix named Ted Sarandos, who has long led the company’s content efforts, as co-CEO alongside Hastings. Netflix described the change at the time as formalising how the company was already operating. In Hastings’ absence, Netflix will maintain the co-CEO structure, promoting COO Greg Peters to the tandem role with Sarandos.