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TechnologyReed Hastings Steps Down As Netflix CEO After More Than 25 Years

Reed Hastings Steps Down As Netflix CEO After More Than 25 Years

Although Reed Hastings, the founder of the streaming megaplatform Netflix, resigned as the company’s CEO, he will continue to serve as the organization’s executive chairman. After the business released its fourth-quarter 2022 earnings report, the former CEO made this decision public.

Given that Hastings will share this responsibility throughout the COVID-19 pandemic in 2020, the business has already nominated replacements for the position.

Netflix CEO Reed Hastings Steps Down, To Serve as Exec. Chairman

After 25 years of dedication and leadership, Netflix CEO Reed Hastings announced his resignation as co-CEO in a tweet and Netflix press statement. Hastings will now serve as executive chairman of the firm. Hastings said in his statement that he has led the company for a quarter of his life and is looking forward to the next 25 years.

The former Netflix CEO will continue to work with the firm to achieve its objectives and will continue to serve as an executive chairman on the board, so he is not completely leaving the company.

The executive claimed that people like Jeff Bezos and Bill Gates, who have left their CEO positions but still have an impact on the businesses they founded, served as inspiration for this choice.

With more than 7.66 million new customers in Q4 2022, Netflix currently has 230.75 million subscribers worldwide, which is a celebration of its success.

Who Are the New Netflix CEOs?

Ted Sarandos, who has served as the company’s co-CEO since 2022, is receiving the baton from Hastings. Due to his decreased involvement with the company, the previous CEO asserted that Sarandos already ran Netflix.

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Greg Peters, who served as Netflix’s Chief Operating Officer for the past three years, and Sarandos will share the job.

Netflix and Reed Hastings

For the longest period of its existence, Reed Hastings served as Netflix’s sole executive director. In 2016, Hastings, one of the first owners of the on-demand business, asserted that he has no issues with users sharing their passwords on the well-known streaming platform.

In August 1997, Hastings and Marc Rudolph co-founded Netflix, which initially focused on delivering DVD movies to customers and receiving them back once their rental period had ended. It successfully competed with companies like Redbox and Blockbuster.

The “no rules” concept, which Hastings believed to be helpful to the productivity of the company, is another important aspect of Hastings’ leadership of Netflix.
Since its founding, Reed Hastings has overseen the company’s phenomenal growth from a meagre home video supplier to the most well-known streaming platform in the world. He is now handing over leadership of the company to Ted Sarandos and Greg Peters, who will serve as co-CEOs, while he continues to serve as executive chairman.

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