Netflix founder Reed Hastings steps down as CEO

Netflix co-founder and CEO Reed Hastings is in Sydney to meet executives from other subscription streaming services on February 25, 2022.

Wolter Peters | Fairfax Media | fake images

Netflix Founder Reed Hastings is stepping down as chief executive officer but will remain as chairman, the company announced alongside its earnings report on Thursday.

Co-CEO Ted Sarandos will remain in his role. Greg Peters, the newest COO, will take over as co-CEO from Hastings. Peters will also join the company’s board of directors.

“I want to thank Reed for his visionary leadership, mentorship, and friendship over the past 20 years. We have all learned much from his intellectual rigor, honesty, and willingness to place big stakes, and we look forward to working with him for many more years to come.” Sarandos said in a written statement.

Hastings co-founded Netflix in 1997. Sarandos was promoted to co-CEO along with Hastings in July 2020, at the same time Peters was named COO.

Hastings tweeted Thursday that he plans to stay on as CEO. “for many years to come”. He is leaving the helm as the company tries a variety of pivots to boost subscribers and rebound after its business plunged in recent quarters.

Hastings wrote in a blog post Thursday that the period of the past two and a half years “was a baptism of fire, given COVID and recent challenges within our business.”

The executive shakeup will also see Bela Bajaria, who served as the company’s global head of television, assume the role of chief content officer. Scott Stuber, who was previously a global film director, will take over as president of Netflix Film.

The succession announcement comes alongside the company’s fourth-quarter earnings report.

This is breaking news. Please check for updates.

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