Netflix (NFLX@US) founder Reed Hastings is stepping down as CEO but will remain at the company as a chairman. The company announced as it released its earnings report on Thursday. Co-CEO Ted Sandras will remain in his position, and Greg Peters, who was recently the chief operating officer, will assume the role of Co-CEO alongside Sandras and join the company’s board. Hastings co-founded Netflix in 1997, and Sandras was promoted to Co-CEO alongside Hastings in July 2020. The announcement comes after the streaming giant announced favorable fourth-quarter results.