Netflix Founder Reed Hastings Steps Down From Role as CEO

Reed Hastings

Netflix founder Reed Hastings announced he is stepping down as his role as CEO.

Hastings said he will stay on as executive chairman.

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CNBC reported:

Netflix founder Reed Hastings is giving up his CEO role but will remain on as chairman, the company announced alongside its earnings report Thursday.

Co-CEO Ted Sarandos will remain in his position. Greg Peters, most recently chief operating officer, will assume the post of co-CEO in Hastings’ place. Peters will also join the company’s board.

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

Hastings co-founded Netflix in 1997. Sarandos was promoted to co-CEO alongside Hastings in July 2020, the same time that Peters was appointed to his COO role. The company did not specify whether it would backfill the role of COO in its Thursday announcement.