Reed Hastings Netflix’s co-founder steps down after 25 years

After 25 years as co-founder and co-CEO of Netflix, Reed Hastings announced on Thursday that he will be stepping down from his role as CEO. The streaming giant has seen tremendous growth since its launch in 1997, and Hastings' departure marks a new era for the company.

Hastings will remain with Netflix as executive chairman, while Chief Operating Officer Greg Peters and Chief Content Officer Ted Sarandos will take over as co-CEOs. In a statement, Hastings said that the move was part of a planned transition that had been in the works for some time. He also praised the two executives for their leadership and commitment to innovation.

Netflix has seen unprecedented success in recent years, with its subscriber base growing to over 200 million users worldwide. The company has also become one of the most successful media companies in history, producing award-winning films and television shows such as "The Crown" and "Stranger Things."

Hastings' departure is sure to have an impact on Netflix's future direction, but it's clear that he leaves behind a legacy of success. With two new leaders at the helm, it remains to be seen what changes they will bring to the streaming giant.