Netflix co-founder, Reed Hastings has declared his resignation as the company’s co-chief executive on Thursday, January 19.
Hastings, 62, who co-founded the business in 1997 when Netflix began sending DVDs of movies to its users via the mail, will now take on the role of chairman.
Ted Sarandos, the company’s chief content officer, will be joined as co-chief executive by Greg Peters, the chief product and chief operational officer.
In July 2020, Sarandos was promoted to co-CEO.
In a letter of resignation, he wrote: “In the last two and a half years, I’ve increasingly delegated the management of Netflix to them.”
He mentioned how Sarandos and Peters had overcome difficulties posed by the epidemic and changes in the streaming business.
“It was a baptism by fire, given Covid and recent challenges within our business,” Hastings wrote.
“But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth. So the board and I believe it’s the right time to complete my succession,” he added.
As executive chairman, Hastings stated that he intended to continue working with Sarandos and Hastings for “many years to come.”
“I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well,” he added.
With around 2% of Netflix under his control, he is one of the company’s top individual shareholders. Forbes pegs his net worth at $3.3 billion (£2.6 billion).
Hastings started Netflix 25 years ago with serial entrepreneur Marc Randolph.
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