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Leadership Bio - Reed Hastings

In: Business and Management

Submitted By pwherman
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Reed Hastings is the founder and CEO of NetFlix. Hastings has traveled a long way from selling vacuum cleaners door-to-door, which was his first job after graduating from H.S. in 1978. Hastings went to Bowdoin College where he majored in Mathematics and he graduated in 1983. After graduation, Hastings backpacked along Africa in the Peace Corps where he taught high school math to children. Upon his return from the Peace Corps, Hastings chose to go back to school to receive his master’s degree in computer science from Stanford University. After attending Stanford, Hastings worked for a software company where he invented a tool for debugging software. In 1991, Hastings left the company to pursue his own business endeavor, which was a start-up organization called Pure Software. The purpose of this company was to provide products which would help individuals troubleshoot software. The company was a huge success and was rapidly growing; in 1996 the company merged with another software company and became Pure Atria. Hastings asked to be appointed as Chief Technical Officer, but left shortly after the company was merged. In 1997, Hastings founded Netflix and launched the subscription service in 1999. Netflix was invented when Hastings had a $40 late-fee when he lost Apollo 13 while renting it. Netflix has grown a lot since then; it is a large company known for their innovative practices. The company grew to one million subscribers in less than four years, and reached 9.4 million subscribers by the end of 2008. Netflix is only concerned with individuals that can help grow the company and contribute to their success. Workers with average performance reviews are frequently let go with generous severance packages. Hastings implemented this innovative business practice because he only wants to retain top talent. When asked about management practice Hastings said, “At most companies, average performers get an average raise […] at Netflix, they get a generous severance package."

Sources: http://en.wikipedia.org/wiki/Reed_Hastings http://money.cnn.com/2009/01/27/news/newsmakers/hastings_netflix.fortune/
http://ir.netflix.com/management.cfm…...

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