Thank You, Reed Hastings
It's the end of an era. Netflix (NASDAQ: NFLX) founder and co-CEO Reed Hastings announced on Thursday that he's stepping down. Netflix shouldn't skip a beat, though, at least in theory. The stock moved 8% higher on the news, so it's clear that the market is cool with the change in leadership. Netflix has been planning for this day the moment that programming and content guru Ted Sarandos was tapped to serve alongside Hastings as co-CEO in the summer of 2020.
Sarandos won't have the corner office all to himself now. He'll share the co-CEO title with Chief Operating Officer Greg Peters. Hastings, Sarandos, and Peters have been leaning on each other at Netflix for at least 15 years. Hastings will be a call away if needed as executive chairman, but Sarandos and Peters should do just fine. It's a sound succession plan, but let's take a moment to show Hastings some appreciation for leading the revolutionary streaming company through its first quarter-century.
Image source: Getty Images.
Source Fool.com
