CEO Today Top 50 – Reed Hastings

Photo: James Duncan Davidson.O'Reilly Media, Inc.

CEO Top 50

Name: Reed Hastings

Net worth: Approx. $4 billion

Company: Netflix

Bio:  Reed Hastings attended Stanford University in 1988 where he graduated with a master’s degree in computer science.

Hastings co-founded Netflix in 1997 with Marc Randolph, at the time offering movies in a rent-by-mail service in the US. The new business model was implemented after Hastings was inspired by the gym, where you could pay a monthly fee to use their services as much or as little as desired.

Over the years, Netflix has amassed a collection of 100,000 titles and over 100 million subscribers.

Since 2011, Hastings has also served as a director of the board of Facebook and as of September 2016, he is reported to own over $10 million worth of Facebook shares. From 2007 until 2012, he served on the board of Microsoft.

CEO Fact: Despite being CEO of Netflix Hastings does not has an office, he claims all he needs is his laptop or smartphone.  He came up with the idea for Netflix when he had a late fee to pay on a video.  He went to the gym, noticing that  “you could pay $30 or $40 a month and work out as little or as much as you wanted.” Something Hastings considered to be a much better business model.

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