Netflix Founder Reed Hastings Steps Down As CEO

NEW YORK, NEW YORK - NOVEMBER 30: Netflix founder and Co-CEO Reed Hastings speaks during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on November 30, 2022 in New York City. The New York Times held its first in-person DealBook Summit since the start of the coronavirus (COVID-19) pandemic with speakers from the worlds of financial services, technology, consumer goods, private investment, venture capital, banking, media, public relations, policy, government, and academia.   (Photo by Michael M. Santiago/Getty Images)

At a glance

  • Reed Hastings, Netflix‘s founder and chief executive for 25 years, is stepping down from his co-CEO role to serve as the streaming giant’s executive chairman.
  • Current co-CEO Ted Sarandos will remain in his role, and he will be joined by new co-CEO Greg Peters, who has been Netflix’s chief operating officer for three years and chief product officer for six.
  • The succession was announced Thursday as Netflix reported better-than-expected growth in the fourth quarter, to end a turbulent year that earlier included the company’s first subscriber losses in a decade.
  • Netflix, the world’s dominant streaming-video subscription service, said members increased by 7.66 million to 230.75 million total between October and December.

 

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