Reed Hastings — one of Netflix’s founders over 25 years ago who ushered the company from mail-order DVD service to the world’s first streaming network — signaled the end of an era on Thursday after revealing he would transition into the role of executive chairman and hand off Netflix’s co-CEO reins to chief operating officer Greg Peters.
After a couple wobbly quarters in early 2022, the world’s No. 1 streamer has somewhat recovered. That gives Hastings an opportunity to move out of the co-chief job a hero (or pull an “Iger” as some have referred to it). But that leaves a ton of work for standing co-CEO Ted Sarandos and incoming Peters.