Netflix's CEO stepped down from the company, but that is not yet the end of the line for Reed Hastings and the streaming giant platform, as he will assume a new executive chairman position within the company. The former chief executive announced this decision after the company produced its earnings report for the last quarter of 2022.
The company already named successors to the position, especially with Hastings sharing this role amidst the COVID-19 pandemic in 2020.
Netflix CEO Reed Hastings Steps Down, To Serve as Exec. Chairman
(Photo : Ernesto S. Ruscio/Getty Images / Netflix)
Reed Hastings announced via a tweet and Netflix press release that he already stepped down as co-CEO of the streaming platform company, after 25 years of leadership and service. In his statement, Hastings said that he spent a quarter of his life as the leader of the company, and is looking forward to another 25 years ahead.
He is not exiting Netflix entirely, as the former CEO will now serve as an executive chairman on its board and continue working with the company to meet its goals, visions, and endeavors.
The executive said that this decision was inspired by the likes of Jeff Bezos and Bill Gates, who despite stepping down from their CEO roles, continue to influence the companies they created.
Netflix's Q4 2022 is also a celebration of its success, with more than 7.66 million new subscribers, now with a total of 230.75 million globally.
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Who Are the New Netflix CEOs?
Hastings is passing the torch to Ted Sarandos, his co-CEO of the company since 2022. The former CEO claimed that Sarandos was already running Netflix, as he was not as hands-on with the company as before.
Sarandos will share the position with Greg Peters, who was previously Netflix's Chief Operating Officer for three years now.
Netflix and Reed Hastings
For the longest time in Netflix's history, it was led by one man, Reed Hastings, through the thick and thin of the company. Back in 2016, Hastings claimed that he has no problems with people sharing their passwords on the globally famous streaming platform who was one of the earliest proprietors of the on-demand service.
Hastings co-created Netflix with Marc Rudolph in August 1997, and it first centered on mailing DVD movies to people and mailing them back to the company after their rental time elapsed. It effectively rivaled the likes of Blockbuster and Redbox.
Another key point from Hastings' leadership of Netflix is the "no rules" philosophy which he claimed to be beneficial to the company's productivity.
For a massive 25 years since its creation, Reed Hastings led the company to massive heights, from being a measly home video provider to a world-famous streaming platform that still sits at the top. Now, he is passing the torch to Ted Sarandos and Greg Peters to lead the company as co-CEOs, while remaining as its executive chairman.
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