Netflix’s founder and one of its co-CEOs, Reed Hastings, is stepping down from his post and transitioning to a new role at the streaming entertainment company.
As part of Netflix’s “succession process,” the company has announced that Hastings will become executive chairman of Netflix. Ted Sarandos will remain co-CEO, and former COO Greg Peters will step up to become the other co-CEO of Netflix, the company announced.
Sarandos said in a statement, “I want to thank Reed for his visionary leadership, mentorship, and friendship over the last 20 years. We’ve all learned so much from his intellectual rigor, honesty and willingness to take big bets–and we look forward to working with him for many more years to come.”