Reed Hastings is stepping down as chief executive of Netflix, the company he co-founded 25 years ago, in a shake-up at the top of one of the most powerful studios in Hollywood.
Hastings, who launched Netflix in 1997 as a DVD-by-mail service, wrote in a blog post that he has been increasingly delegating management in recent years. Now is “the right time to complete my succession”, he added.
“Our board has been discussing succession planning for many years (even founders need to evolve!)”, Hastings, 62, wrote. “I’m so proud of our first 25 years, and so excited about our next quarter of a century”.
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