Netflix Founder Reed Hastings Steps Down As CEO

  • Reed Hastings, Netflix‘s founder and chief executive for 25 years, is stepping down from his co-CEO role to serve as the streaming giant’s executive chairman.
  • Current co-CEO Ted Sarandos will remain in his role, and he will be joined by new co-CEO Greg Peters, who has been Netflix’s chief operating officer for three years and chief product officer for six.
  • The succession was announced Thursday as Netflix reported better-than-expected growth in the fourth quarter, to end a turbulent year that earlier included the company’s first subscriber losses in a decade.
  • Netflix, the world’s dominant streaming-video subscription service, said members increased by 7.66 million to 230.75 million total between October and December.