Netflix Founder Reed Hastings Stepping Down As CEO

Netflix co-founder Reed Hastings announced on Thursday he will step down as chief executive, handing the reins of the streaming service to his longtime partner and co-CEO, Ted Sarandos, and the company's chief operating officer, Greg Peters. Reuters reports: Sarandos and Peters will share the title of chief executives, with Hastings serving as executive chairman. The change is effective immediately, representing the culmination of a decade of succession planning by the board. Both Peters and Sarandos were promoted in July 2020, amid a challenging time for the company. "It was a baptism by fire, given Covid and recent challenges within our business," Hastings wrote in a blog post announcing his departure. "But they've both managed incredibly well ... so the board and I believe it's the right time to compete my succession."

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