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Reed Hastings Explains Why He’s Stepping Down as Netflix CEO in Blog Post
Reed Hastings is stepping down as Netflix’s chief executive officer.
Photographer: Alejandro Cegarra/BloombergThis article is for subscribers only.
Netflix Inc. co-founder Reed Hastings is stepping down as chief executive officer after leading the company for more than two decades.
In a blog post, Hastings said he will assume the role of executive chairman and leave the CEO role to two longtime executives, Ted Sarandos and Greg Peters. Hastings, 62, has been signaling he planned to step aside for a few years. He elevated one of his successors to co-CEO in 2020 and named the other COO at the same time. Already, he’d delegated almost all Hollywood decisions and has gradually pulled back from day-to-day affairs.