Netflix founder Reed Hastings is giving up his CEO role

Netflix laminitis Reed Hastings is giving up his CEO relation but volition stay connected arsenic chairman, the institution announced on broadside its net study Thursday.

Co-CEO Ted Sarandos volition stay successful his position. Greg Peters, astir precocious main operating officer, volition presume the station of co-CEO successful Hastings' place. Peters volition besides articulation the company's board.

"I privation to convey Reed for his visionary leadership, mentorship and relationship implicit the past 20 years. We've each learned truthful overmuch from his intelligence rigor, honesty and willingness to instrumentality large bets – and we look guardant to moving with him for galore much years to come," said Sarandos successful a written statement.

Hastings co-founded Netflix successful 1997. Sarandos was promoted to co-CEO alongside Hastings successful July 2020, the aforesaid clip that Peters was appointed to his COO role.

Hastings tweeted connected Thursday that helium plans to enactment connected arsenic enforcement chairman "for galore years to come." He leaves the helm arsenic the institution attempts a assortment of pivots to boost subscribers and rebound aft its business sagged successful caller quarters.

Hastings wrote successful a blog station connected Thursday that play of the past 2 and a fractional years "was a baptism by fire, fixed COVID and caller challenges wrong our business."

The enforcement shakeup volition besides spot Bela Bajaria, who served arsenic the company's planetary caput of television, step successful arsenic main contented officer. Scott Stuber, who was antecedently the caput of planetary film, volition measurement successful arsenic president of Netflix Film.

The succession announcement comes alongside the company's fourth-quarter net report.

This is breaking news. Please cheque backmost for updates.