Hastings will be succeeded by co-CEOs Greg Peters and Ted Sarandos, and will continue in the company as executive chairman
Netflix co-founder Reed Hastings, the entrepreneur who reshaped the media landscape and led the charge into streaming, announced he is stepping down as co-chief executive of the company on Thursday.
“In the last two and a half years, I’ve increasingly delegated the management of Netflix to them,” Hastings said in a statement. He noted that Sarandos and Peters had dealt with the challenges of the pandemic and upheavals in the streaming industry.“It was a baptism by fire, given Covid and recent challenges within our business,” Hastings wrote.
Netflix has been under pressure from restrained consumer spending and competition from Walt Disney Co, Amazon and others spending billions of dollars to make TV shows and movies for online audiences. Hastings said he planned to work with Sarandos and Hastings as executive chairman for “many years to come”. He is one of Netflix’s largest individual shareholders, owning about 2% of the company, and has a personal fortune estimated at. “I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well,” he wrote.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Snowy Hydro names Dennis Barnes as new CEOFormer Contact Energy boss Dennis Barnes will take up the reins as Snowy Hydro faces pressures at two major construction projects.
Read more »
‘We are fooling ourselves on the timeline’: Rio CEO’s warning on solarRio Tinto’s Jakob Stausholm tells Davos that people are underestimating how long it will take to build large-scale solar and wind farms, even in Australia.
Read more »
Suncity junket ex-CEO sentenced to 18 years’ jailAlvin Chau, who had extensive dealings with the Crown and Star casinos, was found guilty of a criminal organisation, operating illegal gaming and fraud.
Read more »
AGL gives interim CEO Damien Nicks the jobMr Nicks is tasked with overseeing AGL’s accelerating exit from fossil fuels after a tumultuous 2022 for the near-200 year old company.
Read more »
Alec Baldwin to be charged with involuntary manslaughter in fatal shooting on Rust film setFilm’s armorer overseeing weapons, Hannah Gutierrez Reed, will also be charged with involuntary manslaughter in 2021 shooting
Read more »
James Gorman on how he transformed Morgan StanleyOPINION: The Australian CEO of Morgan Stanley, James Gorman, shares with Chanticleer the four lessons learned in his remaking of the Wall St bank.
Read more »