Reed Hastings – the man responsible for changing the media landscape forever is stepping as co-chief executive of Netflix
The 62-year-old Hastings co-founded the company in 1997.
Back then, Netflix delivered its subscribers movies on DVDs sent in the mail.
But he’s not walking away entirely – Hastings will move into the role of chairman.
As for his successor – Greg Peters, the company’s chief product and chief operating officer, will join Ted Sarandos as a co-chief executive.
Sarandos became co-CEO back in July 2020.
In a statement, Hastings says the new leadership duo have already earned their stripes – steering the company through Covid and upheavals in the industry as he began to step back over the last two and a half years.
Netflix has been under pressure as consumers reduce their spending and companies including Disney, Amazon and Paramount bite into a share of the streaming pie.
Late last year, Hastings says the once niche market is now a bloodbath. #Netflix
