July 16, 2020
Don’t expect to see Netflix co-founder Reed Hastings exit the subscription streaming video service until 2030, according to comments the new co-CEO made on the July 16 pre-recorded earnings webcast.
With Netflix announcing that longtime executive Ted Sarandos would share the CEO position while retaining his chief content officer title, scuttlebutt suggested Hastings had one foot out the door.
With a net worth of $5.5 billion and proactive interests in public education and social causes, there isn’t much reason for the 59-year-old Hastings to continue overseeing day-to-day operations of the by-mail DVD rental service-turned-SVOD behemoth he co-launched with software executive Marc Randolph in 1997.
But that’s precisely what Hastings intends to do, working full-time alongside Sarandos for the next 10 years.
“Let me be really clear on that: I’m in for a decade,” he said on the webcast. “As co-CEO, it’s two of us full-time, it’s not like a part-time deal. It’s definitely broadening the management team. It will be great to have some help as we expand and grow.”
Hastings said he see no changes how Netflix is run over the next few years, having worked with both Sarandos and Greg Peters for years. Peters, who was elevated to COO and speaks five languages, helped launch Netflix Japan in 2015.
Sarandos said he has worked together with Hastings for more than 20 years — a relationship he doesn’t see changing with his promotion and co-title.
“[Reed has] been an unbelievable role model, a source of inspiration for me,” Sarandos said. “We’ve navigated some of the toughest decisions the company has made over those years, from mailing DVDs all over the U.S., to [streaming video] all over the world.”
Hastings said Netflix a few years ago was largely a premium TV service. Now, he says the service is “really good” in movies, unscripted programming, “emerging” animation and “very strong” in local language shows.
“It’s incredible the expansion Ted’s pulled off over the past five years,” Hastings said. “Think of [the next 10 years as] more consistent with the past than different [going forward]. The beautiful thing … is we’ve got a great model. We’ve just got to make it better.”