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Netflix co-founder Reed Hastings steps down as firm CEO

Netflix co-founder Reed Hastings steps down as company CEO

Netflix co-founder Reed Hastings has introduced that he’s stepping down as the corporate’s co-CEO on Thursday, January 19.

Hastings, 62, who co-founded the corporate in 1997 when Netflix delivered DVD motion pictures to subscribers by mail, will now turn out to be chairman.

Greg Peters, the corporate’s chief product and chief working officer, will be a part of Ted Sarandos, chief content material officer, as co-chief govt.

Sarandos was named co-CEO in July 2020.

Asserting his resignation, Hastings mentioned in a press release: “Over the previous two and a half years, I’ve more and more delegated the administration of Netflix to them.”

He famous that Sarandos and Peters have risen to the challenges of the pandemic and upheaval within the streaming business.

“It was a baptism of fireside, contemplating Covid and up to date challenges inside our enterprise,” Hastings wrote.

“However they’ve each performed extremely properly, making certain that Netflix continues to enhance and develop a transparent path to re-accelerate our income and earnings progress. So the board and I imagine that is is the precise time to finish my property,” he added.

Hastings mentioned he plans to work with Sarandos and Hastings as govt chairman for “a few years to return.”

He’s considered one of Netflix’s largest particular person shareholders, proudly owning round 2% of the corporate, and has a private fortune estimated at $3.3bn (£2.6bn) by Forbes.

“I can even be devoting extra time to philanthropy and can stay very targeted on retaining Netflix inventory operating easily,” he wrote.

Hastings began Netflix 25 years in the past with serial entrepreneur Marc Randolph.

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