Reed Hastings, Netflix Co-Founder, Will Step Down As CEO After Two Decades
Image Source: Netflix Wiki
In 1997, Reed Hastings helped create a new subscription service that delivered DVDs to your front door on demand. Over the years, Netflix has grown into something unbelievably huge compared to those origins, and along the way, Hastings has stayed involved. While he will remain involved in some capacity, the co-founder will be stepping down from the CEO position.
Hastings explained the decision in a blog post: "Our board has been discussing succession planning for many years (even founders need to evolve!) The board and I believe it’s the right time to complete my succession.” This isn’t the end of his involvement though, as he will remain in the company as executive chairman.
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The CEO position will go to the other high members of the company, Ted Sarandos and Greg Peters. Sarandos has been co-CEO and Peters has been the Chief Operating Officer, or COO, since 2020. The former is meant to be the company's public face, while the latter will focus on advertising, product development, and related fields.
Netflix continues to face intense competition from other streaming services, such as Hulu and Disney+. It’s all a numbers game they’ve been combating for a while. The latest attempt to draw in some numbers, adding a subscription tier to include ads at a reduced cost, has reportedly made decent progress in bringing in new customers. Seeing where they go from here will certainly be interesting!
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