Netflix: President resigns – 01/19/2023 – Market

Netflix Chief Executive Reed Hastings announced on Thursday that he is stepping down as part of an overhaul at the top of one of Hollywood’s most powerful studios. Hastings was at the company, which he helped found 25 years ago,

The CEO, who launched Netflix in 1997 as a DVD-by-mail service, wrote in a blog post that he has increasingly delegated management of the company in recent years. Now is “the right time to complete my succession,” he said.

“Our board has been discussing succession planning for many years (even founders need to evolve!),” Hastings wrote. “I’m very proud of our first 25 years and very excited about our next quarter century.”

To replace Hastings, Chief Operating Officer Greg Peters has been promoted to Co-Chairman and will join Ted Sarandos, who was responsible for programming during Netflix’s massive investment period, and promoted in 2020 to Co-Chair alongside Hastings.