Netflix founder Reed Hastings has resigned as CEO of the streaming giant. He will still assume the position of Chairman.
Netflix co-CEO Ted Sarandos will remain in his position. Meanwhile, Hastings' Co-CEO position will be handed over to Greg Peters, who was previously the Chief Operating Officer or COO.
"I would like to thank Reed for his visionary leadership, mentorship and friendship over the last 20 years. We learned a lot from his intellect and willingness to take great risks and we look forward to working with him in the years to come," Sarandos said.
Sarandos himself was appointed co-CEO in 2020 and leads Netflix alongside Hastings. Hastings founded Netflix in 1997 and eventually grew into a giant streaming company.
Hastings has stated he plans to remain Executive Chairman of Netflix for years to come. In the last financial announcement, Netflix's performance was better than expected after experiencing a decline in subscribers.
Hastings himself originally founded Netflix as a company that rented out DVDs to customers. But from the start, Hastings had a strong vision for the streaming business.
"Film over the internet will arrive and one day it will become big business. We want to be prepared when video on demand happens. That's why this company is called Netflix, not DVD by Mail," he said in 2005. His vision was successful, Netflix became popular streaming service later on.
Hastings is married, has two children and lives in San Francisco. In 2012, he signed up for the Giving Pledge initiated by Warren Buffet and Bill Gates, in which the rich commit to donating the majority of their wealth to humanity.