Netflix’s CEO Reed Hastings steps down from his position

Netflix’s CEO has stepped down, but Reed Hastings and the streaming mega platform are not out of the woods yet.

Hastings will be appointed as the company’s new executive chairman. The former CEO made the announcement after the company released its financial report for the fourth quarter of 2022.

Reed Hastings, co-founder of Netflix, has handed over the reins to Ted Sarandos and Greg Peters as co-CEOs, while continuing as executive chairman. In August 1997, Hastings and Marc Rudolph co-founded Netflix, which initially focused on shipping DVD movies to consumers and returning them to the firm at the end of their rental period.

Hastings stated in 2016 that he has no objections to people sharing their personal information.