Netflix co -founder Reed Hastings will resign from his role as CEO.
As he moves forward, Hastings will be chairman of the board and a non-executive director. The news, which was made “as part of the natural development of our leadership structure and succession planning”, was announced as part of Netflix’s first quarterly income for 2025.
In addition, Tim Haley, who is the longest independent director of the company, will not return for re -election. This decision was not related to Hasting’s role change.
“For more than 27 years, Tim has been on this trip with us and his advice and leadership has been a very valued part of our success. We thank Tim for his long service and many contributions to Netflix’s board,” Netflix wrote in a letter to the shareholders.
Hastings founded Netflix with Marc Randolph in 1997 and served as Streamer’s Co-CEO for 25 years before leaving the role in 2023 to become Netflix’s executive chairman. When Hastings shifted to become CEO 2023, Greg Peters stepped up as Co-Ceo and joined Co-Cee Ted Sarandos, which was named Netflix Co-CEO in July 2020.
When Hastings switched to the CEO 2023, he resembled the role with one as “founder often takes (Jeff Bezos, Bill Gates, etc.) after transferring CEO Baton to others.” “Ted, Greg and I have worked closely in various capacities for 15 years,” Hastings said at that time. “As is common in long, effective relationships, we have all learned to get the best in each other. I look forward to working with them in this role for many years to come.”
Before Netflix was founded, Reed Pure Software founded in 1991, which was eventually acquired by rational software in 1997. Reed served in California’s state education board from 2000 to 2004 and is currently sitting on the board of several educational organizations, including Kipp and Pahara.
