Reed Hastings, the creator of Netflix, leaves his position as CEO

Reed Hastings, cofounder of Netflix Inc., is stepping down as CEO of the company he has led for more than two decades, handing over the position to his two longtime associates, Ted Sarandos and Greg Peters.

He appointed Ted Sarandos, Netflix's former chief operating officer, as co-CEO in 2020, and Sarandos will continue in that role but will now share duties as co-CEO with Greg Peters. Bela Bajaria has been appointed as Netflix's chief content officer, and Scott Stuber has been appointed as the chair of Netflix Film.

The leadership transition occurs at the same time that Netflix introduces ad-supported streaming for the first time and tightens password and account sharing restrictions. Both of these actions were publicly opposed by Hastings until a drop in subscribers last spring — the first in a decade, dating back to the Qwikster debacle — forced the company to reconsider its stances.

Reed Hastings announced in his post that he will serve as Executive Chairman, a role that founders (Jeff Bezos, Bill Gates, and others) frequently take after passing the CEO baton to others.

Read Here  https://about.netflix.com/en/news/ted-sarandos-greg-peters-co-ceos-netflix