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Netflix founder Reed Hastings steps down as co-CEO of streaming service

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Netflix founder Reed Hastings steps down as co-CEO of streaming service

Reed Hastings steps down as co-CEO of Netflix on Thursday, CNN reported.

Reed, who started a streaming service in 1997, wrote in a blog post that “Our board has been discussing succession planning for many years (even the founders have to move on!).”

He continued, “As part of that process, we promoted Ted to co-CEO alongside me in July 2020, and Greg to COO – and over the past two and a half years, I increasingly delegated the management of Netflix to them.

Last year, Netflix’s stock and reputation suffered last year due to membership losses caused by increased competition from other streaming services. In response, Netflix launched a cheaper, ad-supported tier for the first time.

The streaming platform also announced plans to launch a crackdown on password sharing in 2022.

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