Reed Hastings, a co-founder of Netflix steps down as co-CEO

Netflix is ​​one of the most important streaming giants today. The company has lost a lot of subscribers due to reasons such as password sharing in the past. It can be said that the serious competition between streaming giants has also affected the platform in some respects. As a result of many things one of the most influential people in streaming is taking a step back. Reed Hastings, a co-creator of Netflix, is quitting his position as co-CEO.

Greg Peters, the company's newly promoted operations chief, will take over from Ted Sarandos, who has been co-CEO since July 2020. Today marks the start of the change. Hastings says that as Executive Chairman, he will continue to be involved and act as a "bridge" between the board of directors and the new CEOs.

Reed Hastings, a co-founder of Netflix steps down as co-CEO

The move was characterized as an anticipated transition by the departing leader. Hastings claims that Sarandos and Peters have managed the business "increasingly" over the past two and a half years. He adds that this was simply the "right time" to implement a succession plan that had been in the works for years. Netflix's move into original content is credited to Sarandos, while Peters is credited with establishing partnerships and overseeing the company's gaming expansion.

Netflix appears to be slowly recovering from a bleak 2022 at the time of Hastings' departure. It blamed increased competition, limited growth opportunities, and widespread account sharing for its first subscriber drop in more than a decade.