Streaming giant Netflix’s co-founder Reed Hastings is stepping down as the company’s co-CEO, Netflix announced Thursday.
The co-founder will be replaced by fellow co-CEOs Greg Peterson and Todd Sarandos.
Hastings will now serve as the streamer’s executive chairman.
The news comes following Netflix’s positive third financial quarter earnings report, which signaled a bounce back for the company after it implemented a crackdown on password sharing.
