Netflix cofounder Reed Hastings announced Thursday that he is stepping down as co-CEO. He said he plans to spend more time on philanthropy and will remain the streaming giant's chairman. “Our board has been discussing succession planning for many years,” Hastings wrote in a statement announcing his departure. “I’m so proud of our first 25 years [in business], and so excited about our next quarter of a century,” he added. Current co-CEO Ted Sarandos will helm the business with Greg Peters, who previously worked as Netflix’s chief operating officer. Like many tech companies, Netflix’s stock has struggled since it peaked earlier in the pandemic—shares are down more than 50 percent since the fall of 2021.