After nearly three decades, Netflix founder Reed Hastings is stepping down from the streaming giant’s board of directors.
The company said Thursday that the CEO will focus on his philanthropic efforts and will not run for re-election at Netflix’s annual meeting in June. Although this marks the official end of an era, Hastings will step back from his role as day-to-day CEO at the company in 2023 to become CEO, promoting Greg Peters and Ted Sarandos as his successors.
“Netflix has changed my life in so many ways, and my favorite memory ever was January 2016, when we enabled almost the entire planet to enjoy our services,” Hastings said. “My true contribution to Netflix wasn’t a single decision; it was to focus on member happiness, build a culture that others can inherit and improve, and build a company that can be loved by members and be a huge success for generations to come. Special thanks to Greg and Ted, whose commitment to Netflix greatness has been so strong that I can now focus on new things.”
More recently, Hastings has evolved from a streaming mogul to a ski mogul. The executive bought a stake in Powder Mountain in Utah after stepping down as CEO of Netflix and renovating the 8,464-acre property into a luxury resort. He has invested more than $100 million in PowMow to reintroduce it as an exclusive destination (Hastings describes himself as an “ardent” skier).
Meanwhile, his successors at Netflix have transformed the former DVD-by-mail company into a behemoth with more than 325 million global subscribers and built new revenue streams in advertising and merchandise.
As Hastings moves on, Netflix co-CEO Ted Sarandos said: “Reed has been a unique source of inspiration to me, personally and professionally, since we met in 1999. I have had the privilege of working with and alongside a true history maker, and I look forward to admiring everything he does next. He has modeled for Greg and me a disciplined and selfless leadership style that will continue to shape the way we lead Netflix in the exciting times ahead.”
Fellow co-president Greg Peters noted: “Reed will always be Netflix’s founder and biggest champion; he is part of our DNA. His vision, leadership, and unwavering commitment to our values have shaped every stage of our journey, and we continue to shape the way Ted and I lead Netflix today.”
