Reed Hastings steps down as joint boss to become board chair
The co-founder of vid-streamer Netflix, Reed Hastings, has announced he will step down as co-CEO.
Hastings penned a blog post in which he explained his move – and the elevation of chief operating officer Greg Peters to serve as co-CEO alongside Ted Sarandos – was all part of Netflix’s succession plan.
“In the last 2½ years I’ve increasingly delegated the management of Netflix to them,” Hastings wrote.
“It was a baptism by fire, given COVID and recent challenges within our business. 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.”
Hastings will stay on as executive chair of the streamer’s board.
In a letter to shareholders that disclosed Q4 2022 and FY 2022 results, the streamer revealed it will extend its paid password sharing scheme during Q1 2023.
The letter explains that over 100 million households share their Netflix accounts with people who don’t dwell in the same residence, and explains that it “undermines our long term ability to invest in and improve Netflix, as well as build our business.
