Netflix founder Reed Hastings steps down as co-CEO

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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.

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Netflix founder Reed Hastings steps down as co-CEO

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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