Netflix founder Reed Hastings stepping down as co-CEO

Image Source: techcrunch.com

Founder of Netflix, Reed Hastings is stepping down as CEO but will remain as the chairman.

Ted Sarandos who is the co-CEO will continue to stay in his position.

Greg Peters who is most recently chief operating officer will take Hastings’ place as co-CEO.

In 1997, Reed Hastings co-founded Netflix.

Reed Hastings steps down as CEO on the day the firm reports 223 million paid users worldwide.

Netflix is also rising its gaming business.

The leadership transition occurs as Netflix introduces ad-supported streaming.

Netflix met Wall Street’s revenue expectations while adding millions more subscribers than expected.

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