Netflix is a publicly traded company with no controlling owner. Co-founder Reed Hastings stepped back from the CEO role years ago and now serves as executive chairperson, while Ted Sarandos and Greg Peters run the company together as co-CEOs — a leadership structure Netflix has used since January 2023.
Hastings still matters to the ownership story even without the CEO title: he remains Netflix’s largest individual shareholder, with a stake worth billions.
Quick Facts
| Company | Netflix, Inc. |
|---|---|
| Ownership Type | Publicly traded (NASDAQ: NFLX), no controlling owner |
| Co-CEOs | Ted Sarandos (since 2020) and Greg Peters (since January 2023) |
| Executive Chairperson | Reed Hastings, co-founder |
| Largest Individual Shareholder | Reed Hastings (~1.76%) |
| Largest Institutional Shareholder | The Vanguard Group (~8.3%) |
| Founded | 1997 |
Ownership History
| Year | Development |
|---|---|
| 1997 | Reed Hastings and Marc Randolph found Netflix as a DVD-by-mail rental service |
| 2002 | Netflix goes public on NASDAQ |
| 2007 | Netflix launches its streaming service, beginning its transformation from a DVD business into a global media company |
| 2020 | Ted Sarandos is promoted to co-CEO alongside Reed Hastings |
| 2023 | Greg Peters is promoted to co-CEO alongside Sarandos, while Reed Hastings transitions fully to executive chairman |
| 2026 | Sarandos and Peters continue running the company jointly, with Hastings remaining involved at the board level and as the largest individual shareholder |
Key Ownership Highlights
- Reed Hastings’ 1.76% stake, while small as a percentage, was valued at more than $4.5 billion as of early 2024, reflecting Netflix’s overall scale.
- The co-CEO structure, unusual among major public companies, has been in place since January 2023 and reflects a deliberate succession plan away from Hastings rather than a temporary arrangement.
- Institutional investors led by Vanguard, BlackRock, and Capital Research and Management collectively hold roughly 20% of shares, typical for a large-cap public company.
FAQ
Does Reed Hastings still run Netflix?
No, not day-to-day. He transitioned to executive chairman in 2023, with Ted Sarandos and Greg Peters now serving as co-CEOs. Hastings remains the company’s largest individual shareholder.
Why does Netflix have two CEOs?
Netflix adopted a co-CEO structure as part of its succession planning away from founder Reed Hastings, formalized when Greg Peters joined Ted Sarandos in the role in January 2023.