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Reed Hastings, CEO and co-founder of Netflix, steps down

Netflix announced a chair dance in charge of streaming. One of the streaming giants revealed this Thursday that Reed Hastings, co-founder and CEO, is stepping down and will become chairman of the board.

As part of the succession, Chief Operating Officer Greg Peters will become co-CEO alongside Ted Sarandos, who has held that role since July 2020. In a statement, Hastings said the plan has been in the works for some time.

“It was a baptism of fire, given COVID and the recent challenges in our business,” Hastings wrote in a post on the Netflix website. “But they both managed incredibly well, ensuring that Netflix continues to improve and developing a clear path to re-accelerate our revenue and earnings growth. Therefore, the board and I believe that the time is right to complete my succession.”

“I’ll be helping Greg and Ted and, like any good chairman, I’ll be a bridge between the board and our co-CEOs. I’ll also be devoting more time to philanthropy and remaining very focused on Netflix stock performance.” says Reed.

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