Netflix CEO Reed Hastings Resigns

LOS GATOS, CA — Netflix CEO Reed Hastings is stepping down.

Hastings will serve as executive chairman, the company’s founder and longtime chief executive announced in a blog post.

Ted Sarandos and Greg Peters will serve as the company’s co-CEOs, Hastings said.

The move comes amid a downturn that has rocked Silicon Valley in recent months.

Netflix’s stock value has plummeted since hitting an all-time high of 691.69 on Nov. 17, 2021, but has rallied in recent months, nearly doubling since crashing to 167.54 on June 14 of last year.

Netflix closed at 315.78 Thursday but was up over 6 percent in after-hours trading.

Hastings founded the company 25 years ago.

“We start 2023 with renewed momentum as a company and a clear path to reaccelerate our growth. I’m thrilled about Ted and Greg’s leadership, and their ability to make the next 25 years even better than the first,” Hastings wrote in his blog post.

“Here’s to the next chapter of Netflix and our leadership.”