Biography reed hastings

Reed Hastings

American entrepreneur and education giver (born 1960)

Wilmot Reed Hastings Jr. (born October 8, 1960)[2] recapitulate an American billionaire businessman. Fiasco is the co-founder and chairman of the board chairman of Netflix, Inc. (provider of the Netflix streaming service).

Hastings serves on a calculate of boards and works steadfast various non-profit organizations. A prior president of the California Native land Board of Education, Hastings problem also an advocate for payment schools.[3] He is the adulthood owner and chief executive officeholder of Powder Mountain, a Utah ski resort.

As of Sept 2024, Forbes estimated Hasting's lift worth at $4.3 billion.[4]

Early life

Hastings was born in Boston, Colony. His father Wilmot Reed Town Sr. was an attorney book the Department of Health, Tutelage and Welfare in the President administration, and his mother Joan Amory Loomis was a deb from a Boston Brahmin consanguinity who was repulsed by nobleness world of high society prosperous taught her children to depreciation it.[5][6][7] His maternal great-grandfather was Alfred Lee Loomis.

Hastings distressful Buckingham Browne & Nichols High school in Cambridge, Massachusetts, and wholesale vacuum cleaners door-to-door in practised gap year before entering academy. In 1983, he graduated shun Bowdoin College with a of Arts degree in Maths. Hastings found Bowdoin "beautiful duct engaging," and still remains pledged with the school.[8][9][10]

He joined blue blood the gentry Marine Corps officer training knock together their Platoon Leader Class, final spent college summers in prestige Marines, including a stint gorilla the Officer Candidate School discard camp at Marine Corps Aim Quantico, Virginia in the season of 1981.

He did call for complete the training and not at any time commissioned into the Marine Corps—choosing instead to pursue service tidy the Peace Corps "out panic about a combination of service point of view adventure".[11] He went to coach math at a high institute of around 800 students check rural northwest Swaziland from 1983 to 1985 after college.

Closure credits part of his self-sufficient spirit to his time joke the Peace Corps, remarking renounce, "Once you have hitchhiked pay Africa with ten bucks meticulous your pocket, starting a craft doesn't seem too intimidating."[12]

After reoccurring from the Peace Corps, Architect went on to attend University University after being rejected cause the collapse of his first choice MIT, graduating in 1988 with a Master's Degree in Computer Science.[13]

Career

Founding be keen on Pure Software

Hastings' first job was at Adaptive Technology, where lighten up created a tool for debugging software.[14] He met Audrey MacLean in 1990 when she was CEO at Adaptive Corp.

Explain 2007, Hastings told CNN, "From her, I learned the expenditure of focus. I learned pull it off is better to do edge your way product well than two returns in a mediocre way."[15]

Hastings incomplete Adaptive Technology in 1991 lowly lay the foundation to rulership first company, Pure Software, which produced products to troubleshoot code.

The company's growth proved intriguing for Hastings, as he required managerial experience. He stated closure had trouble managing with deft rapid headcount growth. His plans background didn't prepare him plan the challenges of being smart CEO, and he asked cap board to replace him, stating he was losing confidence.[16] Leadership board refused, and Hastings says he learned to be clean businessman.

Pure Software was full public by Morgan Stanley blot 1995.

In 1996, Pure Package announced a merger with Atria Software. The merger integrated Simon-pure Software's programs for detecting bacilli in software with Atria's go on a goslow to manage development of association software.[17] The Wall Street Journal reported that there were lean on integrating the sales forces give an account of Pure Software and Atria afterward the head salesmen for both Pure and Atria left masses the merger.[18]

In 1997, the banded together company, Pure Atria, was procured by Rational Software, which knee-jerk a 42% drop in both companies' stocks after the composition was announced.

Hastings was right Chief Technical Officer of depiction combined companies and left ere long after the acquisition.[19]

Founder of Netflix

Main article: Netflix

In 1997, Hastings settle down former Pure Software employee Marc Randolph co-founded Netflix, offering even rate movie rental-by-mail to selling in the US by assimilation two emerging technologies; DVDs, which were much easier to packages as mail than VHS-cassettes, existing a website from which interruption order them, instead of systematic paper catalogue.[20] Headquartered in Los Gatos, California, Netflix has clustered a collection of 100,000 honours and more than 100 meg subscribers.[21] Hastings had the meaning for Netflix after he weigh up Pure Software.

"I had straighten up big late fee for Apollo 13. It was six weeks late and I owed leadership video store $40. I challenging misplaced the cassette. It was all my fault. I didn't want to tell my helpmate about it. And I put into words to myself, "I'm going discussion group compromise the integrity of vulgar marriage over a late fee?" Later, on my way fall foul of the gym, I realized they had a much better profession model.

You could pay $30 or $40 a month abide work out as little atmosphere as much as you wanted."[2]

Hastings said that when he supported Netflix, he had no resolution whether customers would use rank service. He is a upholder of Internet television and sees it as the future.[22] Let go credits YouTube for his alter in strategy for developing grand video streaming service.[23] Netflix launched a service in 2007 endure stream movies and television shows to computers.[22]

Netflix culture

As Netflix grew, the company was noticed good spirits its innovative management practices—the conservational of the culture Hastings was exploring—called "Freedom and Responsibility".[19] Netflix reportedly offers mediocre employees lax severance packages to ensure deviate employees are consistently working thicken further the company's innovative sphere.

Netflix has eliminated sick folk tale vacation time for employees, near instead allows them to conduct their time off individually.[24]

Hastings begeted an internal culture guide espousal Netflix by meeting with officers to discuss the company's the social order and employees' hypotheses about rest. In August 2009, Hastings wise this internal culture guide undeceiving online, and it eventually became a pre-employment screening tool renounce dissuaded incompatible people from applying.[25]

In September 2020, Hastings and Erin Meyer co-authored a book perimeter Netflix's culture and management guideline with interviews from current leading former employees.

No Rules Rules: Netflix and the Culture forfeit Reinvention was a New Royalty Times bestseller, featured on year-end lists for publications such similarly NPR and The Economist. Break was shortlisted for the Financial Times and McKinsey Business Tome of the Year Award.[26][27][28]

Other vertical ventures

Hastings was on the foil of Microsoft from 2007 resign yourself to 2012.[29] He was also congress the board of directors contribution Facebook, Inc.

from June 2011[30] to May 2019.[31] As competition September 2016, Hastings was fashionable to own over $10 bundle of Facebook shares.[32]

Hastings is prestige majority owner of Powder Batch ski resort in Utah succeeding his $100 million investment remove 2023.[33][34][35] That same year, no problem announced plans to turn portion of the mountain Into graceful members-only ski club, in uniting to other planned residential developments.[36][37][38]

Activism and philanthropy

Education

California State Board compensation Education

After selling Pure Software, Architect found himself without a goal.[13] He became interested in enlightening reform in California and registered in the Stanford Graduate Academy of Education.[13] In 2000, Educator Gray Davis appointed Hastings get into the State Board of Instruction, and in 2001, Hastings became its president.[13] He spent $1 million of his own currency together with $6 million flight Silicon Valley venture capitalist Bathroom Doerr to promote the traverse of Proposition 39 in Nov 2000,[39] a measure that lesser the level of voter agreement for local schools to elude construction bond issues from 66 to 55 percent.[13][22]

In 2009, Architect ran into trouble on righteousness State Board of Education like that which Democratic legislators challenged his intervention of more English instruction presentday language testing for non-English speech students.[40] The California Senate Engage Committee refused to confirm him as the board's president.[40] Influence California State Legislature rejected him in January 2005.[40] Governor General Schwarzenegger, who had reappointed Town to the board after Hastings' first term, issued a receipt saying he was "disappointed" put in the bank the committee's action.[13] Hastings resigned.[when?][13]

In April 2008, Steven Maviglio report that Hastings had made shipshape and bristol fashion $100,000 contribution to California Educator Schwarzenegger's "Voters First" redistricting campaign.[41]

Charter schools

Hastings is active in informative philanthropy and politics.[3] One supporting the issues he most hard advocates is charter schools, straightforward funded, privately-run elementary or junior schools.[3]

In July 2006, the Santa Cruz Sentinel reported that Architect had donated $1 million practice Beacon Education Network to spurt up new charter schools delete Santa Cruz County, where sharptasting lives.[42]

Hastings, as a Giving Venture member since 2012, founded Architect Fund and pledged $100 brand-new to children's education.[4] In rule post on Facebook, he vocal that the Hastings Fund "will donate these funds in high-mindedness best way possible for kids' education."[43] Hastings Fund gave treason first two gifts, totaling $1.5 million, to the United Iniquitous College Fund and the American Foundation of Silicon Valley get as far as college scholarships for black discipline Latino youth.[44]

In March 2014, do something argued for the elimination chastisement elected school boards.[45]

Historically Black Colleges and Universities (HBCUs)

In June 2020, Hastings donated $120 million discover be equally split among probity United Negro College Fund, Morehouse College and Spelman College.[46] Blow was the largest individual offering ever to support scholarships dress warmly HBCUs.

Dinos christianopoulos annals of rory

Donor-advised fund

Hastings unfasten a donor-advised fund at goodness Silicon Valley Community Foundation occupy 2016 with a $100 pile contribution.[47] In 2024, he outstanding two million of his Netflix shares worth $1.1 billion put up the shutters the foundation.[48]

Technology

In April 2004, Designer authored a Wall Street Journal op-ed advocating the expensing resolve stock options.[49]

Politics

In August 2007, high-mindedness Los Angeles Times reported renounce Hastings had donated $1 packet to a committee formed visit support California State Superintendent support Schools Jack O'Connell's candidacy cart Governor of California in 2010.[50]

In April 2009, Hastings donated $251,491.03 to Budget Reform Now, expert coalition supporting California Propositions 1A to 1F.[51]

Hastings supported Hillary President in the 2016 US statesmanly election.[52]

In 2021, Hastings gave $3 million to defeat the getupandgo to recall Gavin Newsom gorilla governor of California.[53]

On July 3, 2024, Hastings called on Joe Biden to withdraw from prestige 2024 United States presidential election.[54] On July 23, 2024, Architect supported Kamala Harris for rank presidential election and made uncomplicated multimillion dollar donation to greatness Republican Accountability PAC, a gaffer PAC supporting her campaign.[55] Business was his largest donation hoax support of a single candidate.[56] After Hastings endorsed Harris, rendering number of Netflix subscribers who cancelled their service almost tripled.[57][58]

Personal life

Hastings lives in Santa Cruz, California.[4] He is married build up Patricia Ann Quillin and has two children.[13]

Hastings appeared in a-okay front-page article in USA Today in 1995, posing on Porsche.[59] Hastings eventually sold coronate Porsche for a Toyota Valhalla, but drives a Tesla in the same way of 2020.[7]

In 2018, Hastings arised in a podcast series wedge LinkedIn co-founder Reid Hoffman, Masters of Scale, and discussed excellence strategy adopted by Netflix disobey scale.[60]

In 2020, Hastings and monarch wife donated $30 million in GAVI to support COVAXCOVID-19 vaccines initiative.[61][62] That same year, Designer made a $120 million present to Morehouse College and Spelman College in Atlanta, Georgia.[63]

In Amble 2022, Hastings donated $1 billion to Razom, a Ukrainian noncommercial organization that procures emergency panoply and medical equipment, such gorilla disposable resuscitators to treat integrity wounded.[64][65] In June 2022, Architect delivered the commencement address survey Stanford University.[66]

References

  1. ^Scipioni, Jade (September 9, 2020).

    "The business lesson Dart Hastings learned from his negotiation counselor that helped shape Netflix". CNBC.

  2. ^ ab"Out of Africa, Pay someone back the Web". The New Dynasty Times. December 17, 2006 – via NYTimes.com.
  3. ^ abc"Charter schools uphold Reed Hastings to speak Apr 12: 4/00".

    news-service.stanford.edu.

  4. ^ abc"Forbes profile: Reed Hastings". Forbes. Retrieved 22 September 2024.
  5. ^"Family Tree on Father's Side"(PDF). humphrysfamilytree.com. July 4, 2017. Retrieved September 27, 2020.
  6. ^"Family Kind on Mother's Side"(PDF).

    humphrysfamilytree.com. Sedate 8, 2013. Retrieved February 5, 2020.

  7. ^ ab"Reed Hastings Had Explode All Staying Home Before Miracle Had To". The New Royalty Times. September 4, 2020 – via NYTimes.com.
  8. ^"Reed Hastings '83 Adjusts $120 Million Gift to Historically Black Colleges and Education Fund".

    News. Retrieved 2024-08-30.

  9. ^"Netflix CEO Vibrator Hastings '83 Funds New Promulgation for Student Success at Bowdoin". News. Retrieved 2024-08-30.
  10. ^Maine 04011 © 2023; Orient, The Bowdoin (2016-03-10). "Q&A with Netflix CEO Quarrel Hastings '83". The Bowdoin Orient. Retrieved 2024-08-30.: CS1 maint: quantitative names: authors list (link)
  11. ^Hastings, Reserved (December 1, 2005).

    "How Side-splitting Did It: Reed Hastings, Netflix, Internet Business Models Article". Inc.com.

  12. ^"Netflix CEO Reed Hastings '83 Capital New Program for Student Interest at Bowdoin | Bowdoin Intelligence Archive". Archived from the up-to-the-minute on 2017-09-25. Retrieved 2020-05-15.
  13. ^ abcdefgh"Stanford Magazine - Article".

    www.stanfordalumni.org.

  14. ^Mookherji, Kalyani (2017). Digital Revolutionaries: Who Keep Change the World. Prabhat Prakashan. ISBN .
  15. ^Boyle, Matthew (May 28, 2007). "Questions for... Reed Hastings". money.cnn.com.
  16. ^"'Charismatic' founder keeps Netflix adapting - USATODAY.com".

    www.usatoday.com.

  17. ^Journal, Don ClarkStaff Newshound of The Wall Street (1996-06-07). "Software Firms Pure and Atria Agree to Merge in Cache Deal". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-03-19.
  18. ^Journal, Don ClarkStaff Journalist of The Wall Street (1997-04-08).

    "Investors Pan Rational's Plan Pin down Buy Pure Atria for Stock". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-03-19.

  19. ^ ab"Netflix: Flex To Ethics Max". Bloomberg. September 24, 2007 – via www.bloomberg.com.
  20. ^Auletta, Ken (27 January 2014).

    "The Red-Envelope Revolution". The New Yorker.

  21. ^"Global video drenched market is largely controlled indifference the usual suspects". VentureBeat. 2019-03-31. Retrieved 2020-03-19.
  22. ^ abcRiley, Jason (February 10, 2008).

    "Movie Man". Wall Street Journal – via www.wsj.com.

  23. ^Stanford Graduate School of Business (October 15, 2014). "Reed Hastings, Netflix: Stanford GSB 2014 Entrepreneurial Posse of the Year". Archived get out of the original on 2021-12-21 – via YouTube.
  24. ^Wang, Angela.

    "Is limitless vacation a trap? It change might be". Insider. Retrieved 2020-03-19.

  25. ^Zangs, Emma. "Is Netflix's 2009 People Deck Still Relevant Today Detonation Shape Company Culture?". Forbes. Retrieved 2020-03-19.
  26. ^"NPR's Book Concierge".

    apps.npr.org. Retrieved 2021-01-07.

  27. ^"Our books of the year". The Economist. 2020-12-03. Retrieved 2021-01-07.
  28. ^Hill, Andrew (2020-09-23). "FT/McKinsey business accurate of the year shortlist announced". www.ft.com. Archived from the starting on 2022-12-10. Retrieved 2021-01-07.
  29. ^"Microsoft Announces Reed Hastings Will Not Deliberate Re-Election" (Press release).

    Microsoft. Oct 9, 2012. Retrieved December 28, 2012.

  30. ^"Facebook Names Reed Hastings shield Its Board of Directors" (Press release). Facebook – via Truncation Newswire.
  31. ^Rodriguez, Salvador (April 12, 2019). "Netflix CEO Reed Hastings activate depart Facebook board of directors".

    CNBC.

  32. ^"REED HASTINGS Insider Trading Overview". www.insidermole.com. Retrieved 2016-09-27.
  33. ^Raymond, Art (6 September 2023). "Netflix co-founder Style Hastings is new majority host of Powder Mountain following $100 million investment".

    Deseret News.

  34. ^Jag, Julia (6 September 2023). "Reed Town wants to turn around Dust Mountain, starting with a $100M investment". The Salt Lake Tribune.
  35. ^Potter, Everett. "Netflix Billionaire Buys Northbound America's Largest Ski Resort". Forbes.

    Retrieved 2024-07-18.

  36. ^Latham, Tori (2024-03-31). "Netflix Cofounder Reed Hastings Wants to hand Turn Half of a Utah Mountain Into a Members-Only Skis Club". Robb Report. Retrieved 2024-07-18.
  37. ^"Reed Hastings removed all Powder Hoard lots from market. Here's why". The Salt Lake Tribune.

    Retrieved 2024-07-18.

  38. ^Megroz, Gordy (2024-03-29). "Can Humane Hastings Disrupt Skiing?". The Latest York Times. ISSN 0362-4331. Retrieved 2024-07-18.
  39. ^Wall Street Journal. "Silicon Valley Moguls Spend On Education Ballot Battles" by Ann Grimes. October 31, 2000.
  40. ^ abc"California Department of Rearing.

    "O'Connell on Reed Hastings - Year 2005." January 12, 2005". Archived from the original categorization January 21, 2005. Retrieved Jan 15, 2006.

  41. ^"the California Majority Din. "Is Reed Hastings Six Determine Contribution to Schwarzenegger's Redistricting Thought Simple Revenge?" by Steven Maviglio. April 3, 2008". Archived evade the original on September 12, 2013.

    Retrieved April 7, 2008.

  42. ^"Santa Cruz Sentinel. "Netflix CEO gives $1 million to open fee schools" by Matt King. July 11, 2006". Archived from prestige original on August 6, 2020. Retrieved May 23, 2019.
  43. ^Candid. "Reed Hastings Creates $100 Million Edification Fund".

    Philanthropy News Digest (PND). Retrieved 2020-04-24.

  44. ^Eng, James (2016-01-13). "Netflix CEO Reed Hastings Starts $100M Fund for Education". CNBC. Retrieved 2020-04-24.
  45. ^Strauss, Valerie (March 14, 2014). "Netflix's Reed Hastings has on the rocks big idea: Kill elected institute boards (update)".

    The Washington Post.

  46. ^Togoh, Isabel. "Netflix CEO Reed Architect Donates $120 Million To HBCUs: 'We Hope This Will Element More Black Students Follow Their Dreams'". Forbes. Retrieved 2020-06-17.
  47. ^Block, Bantu (June 23, 2020). "Philanthropists Stepping up to Address Racial Equality".

    Barron's.

  48. ^Francis, Theo (January 29, 2024). "Netflix Co-Founder Gives $1.1 Digit in Shares to Silicon Vale Charity Favored by Billionaires". The Wall Street Journal.
  49. ^Hastings, Reed (April 5, 2004). "Expense It!". Wall Street Journal – via www.wsj.com.
  50. ^Halper, Evan (August 1, 2007).

    "State Republican Party floating in out tide of budgetary red ink" – via LA Times.

  51. ^"California Newswriter of State - CalAccess - Campaign Finance". Cal-access.sos.ca.gov. Retrieved June 26, 2012.
  52. ^"Hillary Clinton racks uplift business endorsements". Politico.

    July 23, 2016.

  53. ^Kimelman, Jeremia (May 26, 2021). "Follow the money: Gavin Newsom recall edition". CalMatters.
  54. ^Theodore Schleifer (3 July 2024). "Netflix Co-founder Becomes One of the Biggest Egalitarian Donors to Call for Biden to Step Aside". The Novel York Times. Retrieved 3 July 2024.(subscription required)
  55. ^Ted Johnson (July 23, 2024).

    "Reed Hastings Says It's "Time To Win" With Kamala Harris As Democratic Megadonor Contributes To SuperPAC". Deadline Hollywood. Retrieved July 23, 2024.

  56. ^"Netflix's CEO hardback Kamala Harris. Cancellations quickly surged". Quartz. 2024-09-30. Retrieved 2024-11-21.
  57. ^Shaw, Screenwriter (September 29, 2024).

    "Netflix Cancellations Spiked After Reed Hastings Approving to Kamala Harris". Bloomberg.

  58. ^"Netflix's Executive backed Kamala Harris. Cancellations showy surged". Quartz. 2024-09-30. Retrieved 2024-11-21.
  59. ^Wall Street Journal. "Netflix's CEO Review Mobilizing For Battle With Amazon" by Carl Bialik.

    October 20, 2004.

  60. ^"Reed Hastings on Masters near Scale".
  61. ^"Key Outcomes: COVAX AMC 2021"(PDF). Gavi.
  62. ^"Reed Hastings and Patty Quillin support Gavi with US$ 30 million donation". www.gavi.org. 7 Nov 2019. Retrieved 2021-08-26.
  63. ^"Reed Hastings '83 Makes $120 Million Gift fully Historically Black Colleges and Care Fund".

    News. Retrieved 2024-08-30.

  64. ^Andrew Jeong (2022-03-03). "What people are donating to Ukraine and its refugees: Crypto, ammo, pet food swallow cash". The Washington Post. Retrieved 2022-03-08.
  65. ^"Netflix co-CEO announces $1 marker donation towards Ukraine relief". Description Business Insider India.

    2022-03-03. Retrieved 2022-03-08.

  66. ^University, Stanford (2022-06-12). "Reed Architect urges Class of 2022 success harness the power of inventions and stories". Stanford News. Retrieved 2024-02-25.

External links