Reed Hastings Steps Down as Netflix Co-CEO

Reed Hastings, the Netflix cofounder who led the company for more than two decades as it pivoted from a DVD-by-mail business into a streaming juggernaut, is stepping down from his role as co-CEO. He will become Netflix’s executive chairman, leaving day-to-day management of the company to two of his lieutenants, Ted Sarandos and Greg Peters. Hastings said that the decision to step away from the CEO role was part of a yearslong succession plan, likening the move to those made by famous founders Jeff Bezos and Bill Gates. In 2020, he promoted Sarandos—the company’s longtime content chief and architect of… Read Full Article