Netflix co-founder Reed Hastings has stepped down from his position as CEO and transitioned to the role of Chairman. He will remain on the Board of Directors and help guide strategic decisions for Netflix’s future. In addition, Greg Peters, who had been Chief Product Officer at Netflix since 2011, is now being elevated to Co-CEO alongside current CEO Ted Sarandos.
Hastings has been a major force in transforming Netflix from an online DVD rental service into one of the world’s largest streaming media providers over two decades ago. Under his leadership, Netflix achieved unprecedented success with millions of subscribers around the globe and billions in revenue each year. His transition away from day-to-day operations will allow him more time to focus on long term strategies for growth while Peters takes on additional responsibilities as Co-CEO alongside Sarandos going forward.
The change marks another milestone in Netflix’s history and allows them to continue building upon their impressive track record under new leadership
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