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Netflix founder Reed Hastings is stepping down as CEO

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Netflix Founder Reid Hastings is stepping down as CEO but will remain as chairman, the company announced along with its income statement Thursday.

Co-CEO Ted Sarandas will remain in his role. Greg Peters, the most recent chief operating officer, will replace Hastings as co-CEO. Peters will also join the company’s board of directors.

“I want to thank Reid for his visionary leadership, mentorship and friendship over the past 20 years. We’ve all learned a lot from his intellectual rigor, integrity and willingness to take big bets — and we look forward to working with him for many years to come,” Sarandas said in a written statement.

Hastings co-founded Netflix in 1997. Sarandas was promoted to co-CEO along with Hastings in the July 2020, at the same time Peters was named chief operating officer. The company did not specify whether she will serve as chief operating officer.

Netflix co-founder and CEO Reed Hastings is in Sydney to meet with executives from other subscription streaming services on February 25, 2022.

Walter Peters | Fairfax Media | Getty Images

Hastings tweeted Thursday that he plans to stay on as executive chairman “for many years to come.” He leaves the helm as the streaming giant tries to make various moves to grow subscribers and bounce back from business declined in recent quarters.

Hastings wrote in a blog post Thursday that the past two-and-a-half years “has been a baptism of fire given COVID and recent challenges in our business.”

As part of the executive reshuffle, Bela Bajaria, who served as the company’s head of television, will take over as chief content officer. Scott Stuber, previously head of global film, will take over as chairman of Netflix Film.

The succession announcement comes with the company fourth quarter earnings report. Netflix met Wall Street’s revenue expectations and added millions more subscribers than expected.

Correction: Netflix was founded in 1997. An earlier version of this story had the year wrong in some cases.



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