2023-01-21
Reed Hastings is stepping down as a
co-CEO of Netflix. He was Co-CEO along with Ted Sarandos. He appointed Ted
Sarandos to be his Co-CEO in July 2020. Sarandos will remain CEO as usual. Greg
Peter, Chief Operating Officer is going to be the new Co-CEO.
Although Reed Hastings will step down,
he still has role in the company. He will serve as the Executive Chairman. This
is a part of succession plan. He said in the company announcement that he
trusted the competency of Ted Sarandos. Sarandos oversees the development of
original contents and bring international contents into Netflix’s streaming
platform.
Reed Hastings together with his Co-Founder,
Marc Randolph revolutionized how to world watching movies. The advent of CDs
made shipping movies became much easier. Hastings and Randolph have a vision
that Netflix was going to be Amazon of movie rental. Later, Netflix disrupted itself,
canceled all of it CD rental business and put all of it focus into streaming
service. Netflix proves to be a huge success for Reed Hastings.
