Reed Hastings is stepping down as co-CEO of Netflix on Thursday, JEE News reported.
Reed, who started a streaming service in 1997, wrote in a blog post that “our board has been discussing succession planning for years (even the founders need to be prepared!).”
He continued, “As part of that process, we promoted Ted to co-CEO with me in July 2020 and Greg to chief operating officer — and over the past 2½ years I’ve led Netflix. Management has been entrusted to them.”
Last year, Netflix’s stock and reputation suffered last year as a result of subscription losses due to increased competition from other streaming services. In response, Netflix launched a cheaper, ad-supported tier for the first time.
The streaming platform also announced its plans to begin cracking down on password sharing in 2022.
