Netflix makes radical changes: Reed Hastings steps down as CEO after 25 years

The Netflix co-founder announced that he will relinquish control of the entertainment giant.

Reed Hastings is one of the most recognizable figures in the worlds of technology and entertainment, having co-founded Netflix , a company he has run for 25 years.

But the winds of change are coming for Netflix with Reed Hastings stepping down as CEO, a position he had held since 1998.

A letter from Reed Hastings was posted on the Netflix news page , explaining the motivations.

“Our board of directors has been discussing succession plans for many years (even the founders have to evolve). As part of that process, we promoted Ted Sarandos to be joint CEO with me in July 2020 and Greg Peters to chief operating officer, and over the past two and a half years I have increasingly delegated management of Netflix to them.” .

Reed Hastings will maintain a presence on Netflix

These changes do not remove Reed Hastings from Netflix , where he will serve as CEO. As he himself explains, “to be a bridge between the board of directors and the joint CEOs.”

Hastings says he will spend more time on philanthropy and will remain very focused on making Netflix stock do well .