Reed Hasting is no longer the CEO of Netflix: he leaves the guide after 25 years
Reed Hasting is no longer the CEO of Netflix: he leaves the guide after 25 years.
He led Netflix for 25 years, transforming it from a mail-order DVD company to a streaming empire. Reed Hastings will no longer be CEO of Netflix.
In conjunction with the announcement of Netflix’s latest quarterly results, the company’s founder and co-CEO, Red Hastings, announced his resignation. He will continue to work for Netflix as Chairman of the Board, but will no longer be CEO.
Hastings led Netflix for 25 years, transforming a mail-in DVD rental company into an on-demand streaming empire. Perhaps more than any other company, Netflix revolutionized the entertainment industry by forever changing viewer habits and industry standards.
Hastings had already downsized his role within Netflix in 2020, appointing Ted Sarandos as co-CEO. Sarandos will keep his role, but always dividing it with another CEO: Greg Peters, former COO of Netflix, has been appointed in Hastings’ place.
That’s not the only major change to Netflix’s management: Scott Stuber is the new president of Netflix Films, while Bella Bajaria is the new COO.
Netflix is undergoing a profound transformation: it continues to focus much more on the production – and not just on the distribution – of quality feature films . In 2022 the film Glass Onion was the subject of a limited theatrical release, as had previously happened to other flagship films of the giant. Netflix is also strengthening its investments in gaming and could soon add a cloud gaming service to the offer of mobile games included with the subscription .
Not all changes benefit subscribers: among other things, a new system is expected to be introduced in the first quarter of 2023 that will ban the sharing of passwords, a practice that had always been tacitly tolerated by the company.