Netflix co-founder, Reed Hastings, has announced he is stepping down as co-chief executive of the company.
Hastings, who co-founded the company in 1997 when the company delivered its subscribers movies on DVDs sent in the mail, will now become the company’s chairman.
Greg Peters, Netflix’s chief product and chief operating officer, will join Ted Sarandos, chief content officer, as a co-chief executive.
Sarandos was promoted to co-CEO in July 2020.
While announcing his resignation in a statement, Hastings said: “In the last two and a half years, I’ve increasingly delegated the management of Netflix to them.”
He made it known that Peters and Sarandos had tackled the challenges of the pandemic and challenges in the streaming industry.
He wrote: “It was a baptism by fire, given Covid and recent challenges within our business.
“But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth. So the board and I believe it’s the right time to complete my succession.”
Hastings revealed that he planned to work with Sarandos and Hastings as executive chairman for “many years to come”.
He wrote: “I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well.”
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