Netflix co-founder: Stepping down as CEO ‘was probably the smartest decision I ever made’ at the company

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Reed Hastings News

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Netflix's Marc Randolph stepped down as CEO after a tough conversation with his co-founder, Reed Hastings. It was the smartest decision he made at the company, he says.

Netflix co-founder Marc Randolph speaks at The Audi Innovation Series held at Four Seasons Hotel on June 5, 2018 in Toronto, Canada.of "The Diary of a CEO with Steven Bartlett" earlier this month: "To put my ego aside for a bit was probably the smartest decision I ever made the entire time at Netflix."knocked on his door, laptop in hand, and asked to talk, Randolph recounted.

In the moment, Randolph said, he was crushed: Netflix started as his idea, and stepping down felt like giving up on a dream. He went home, "sat on the porch with my wife and we finished a bottle of wine," he said. The analysis helped him decide that Hastings was right, said Randolph. "I began to realize ... Maybe this was two different dreams ... a big, successful company might be a different dream than the one of me being CEO," he said.

The company went public in May 2002, roughly a year before Randolph left Netflix entirely. At the time of Netflix's IPO, Randolph held $12.6 million worth of beneficially owned shares, according toRandolph certainly isn't the only CEO — or ex-CEO — who's had to forfeit something meaningful to get ahead.

 

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