Netflix drama: Chief executive Reed Hastings quits as big leadership shake up underway

Netflix co-founder Reed Hastings has stepped down as chief executive but he is staying with the company as executive chairman.

The American businessman said that Greg Peters will step up from COO to join Ted Sarandos as co-CEO of the company.

Hastings said he is not ready to leave Netflix entirely but is taking more of a backseat as executive chairman, saying he is excited to work with Peters and Sarandos “for many years to come”.

“I am so proud of our first 25 years, and so excited about our next quarter of a century”, he commented.

He is said to be looking towards more philanthropy and a focus on Netflix’s stocks.

This comes after the streaming giant reported its fourth-quarter earnings yesterday, with revenue climbing two per cent year on year and the company having added nearly eight million new subscribers.

The firm has experienced a difficult year however, losing more than a third of its market value amid a wider downturn in the tech sector.

Hastings also filled empty shoes IN choosing Bela Bajaria as Chief Content Officer and Scott Stuber as Chairman of Netflix Film, whose leadership has helped the company make “enormous strides”.

Hastings founded Netflix in 1997 alongside Marc Randolph when the company rented out DVDs by mail. It fast grew into one of the world’s most influential video streaming services.