Co-founder and Executive Chairman of the Board of Directors at Netflix, Reed Hastings, is stepping down in June, according to a company filing reported by CNN.
The broadcaster points out that nearly three years prior, he stepped down as co-CEO, transitioning into the role of Executive Chairman of the Board. Ted Sarandos, who served as Hastings’ co-CEO counterpart, has since shared the top executive duties with Greg Peters.
The departure of the Netflix co-founder occurs less than two months following the firm’s decision to withdraw from the contest to acquire Warner Bros. Discovery, a deal that ultimately went to Paramount.
CNN reports that during an investor conference call, Sarandos refuted speculation that Hastings’ exit was connected to the company’s bid for WBD.
“Reed was a very strong advocate for that deal. He championed it to the board, and the board unanimously supported the deal,” he stated.
In May 2022, shareholders initiated a class-action lawsuit against the streaming service Netflix, alleging that the company issued misleading reports regarding subscriber growth as part of securities fraud.
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