Key takeaways:
- Netflix co-founder and CEO Reed Hastings is stepping down from his post, but will remain as executive chairman.
- He will be succeeded by co-CEOs Ted Sarandos and current COO Greg Peters.
- The move marks the end of an era for Netflix, which has become a household name since its founding in 1997.
Netflix, the streaming video service that has revolutionized the way people watch movies and shows, announced Thursday that its co-founder and CEO Reed Hastings is stepping down from his post.
Hastings, who founded the company 25 years ago, will remain as executive chairman. He will be succeeded by co-CEOs Ted Sarandos and current COO Greg Peters.
In a blog post, Hastings said that the board had been discussing succession planning for many years. He noted that he had been delegating more and more of the management of Netflix to Sarandos and Peters in the last 2½ years.
“As part of that process, we promoted Ted to co-CEO alongside me in July 2020, and Greg to Chief Operating Officer — and in the last 2½ years I’ve increasingly delegated the management of Netflix to them,” Hastings wrote.
The move marks the end of an era for Netflix, which has become a household name since its founding in 1997. The company has seen tremendous success with its DVD by mail business and later its streaming video service.
Hastings said he is confident that Sarandos and Peters will be able to continue the success of the company. “I’m excited to see what they do together and I’m sure Netflix will continue to thrive,” he said.
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