Netflix co-founder Reed Hastings steps down as CEO of streaming company

Hastings will be succeeded by co-CEOs Greg Peters and Ted Sarandos, and will continue in the company as executive chairman

Netflix co-founder Reed Hastings is stepping down as chief executive of the streaming video pioneer but will remain at the company as executive chairman, he announced on Thursday.

Greg Peters, who was serving as chief operating officer and chief product officer, will become co-CEO alongside Ted Sarandos, Hastings said in a blog post.