Reed Hastings, co-founder and longtime former CEO of Netflix, is shifting from government chairman to chairman of the board.
The transfer to a non-executive function on the board was described by the corporate as “a part of the pure evolution of our management construction and succession planning.”
In 2023, Hastings handed the baton to Co-CEOs Ted Sarandos and Greg Peters and have become government director of the board. The manager has pursued enterprise pursuits other than Netflix and has additionally change into a outstanding philanthropist, lately giving $50 million to his alma mater, Bowdoin Faculty.
Together with the Hastings transfer, which was introduced within the firm’s quarterly letter to shareholders, the corporate mentioned longtime board member Tim Haley doesn’t plan to proceed within the place.
The letter referred to Haley as “our longest standing unbiased director,” with a tenure relationship again to the corporate’s inception as a DVD-by-mail operation.
“For greater than 27 years, Tim has been on this journey with us and his counsel and management have been a a lot valued a part of our success,” the letter mentioned. “We thank Tim for his lengthy service and lots of contributions to the Netflix board of administrators.”
