Netflix founder Reed Hastings steps down as co-CEO

Netflix founder Reed Hastings is stepping down as chief executive at the company on Thursday, CNN reported.

Reed who launched a streaming service in 1997 wrote in a blog post that “Our board has been discussing succession planning for many years (even founders need to evolve!).”

He continued that “As part of that process, we promoted Ted to co-CEO alongside me in July 2020, and Greg to Chief Operating Officer — and in the last 2½ years I’ve increasingly delegated the management of Netflix to them.”

Last year, Netflix's stock and reputation suffered last year as a result of membership losses brought on by increased competition from other streaming services. In response, Netflix for the first time launched a cheaper, ad-supported tier.

The streaming platform also announced its plan to start a crackdown on password sharing in 2022.