Reed Hastings is resigning as Netflix’s chief executive officer, the firm he co-founded 25 years ago, as part of a restructuring at the top of one of Hollywood’s most effective studios. In a blog post, Hastings, who founded Netflix in 1997 as a DVD-by-mail service, said he has been charging executive duties increasingly. He stated that this was “the right time to complete my succession.”
“Our board has been discussing succession planning for many years (even founders need to evolve!)”, Hastings, 62, wrote. “I’m so proud of our first 25 years, and so excited about our next quarter of a century.”
Netflix shares expanded by over eight percent In after-hours trading. The change happened when Netflix lost more than a third of its market value since admitting its decade-long growth boom had ended. Resting Netflix and guiding it through a more challenging period for the enjoyment firm will fall to Sarandos and Peters.
Following in the footsteps of Microsoft’s Bill Gates and Amazon’s Jeff Bezos, Hastings will continue as executive chair. The billionaire founder said he plans to “spend more time on philanthropy” but “remain very focused on Netflix stock doing well”.
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