Reed intro biography

Reed Hastings

American entrepreneur and education philanthropist (born 1960)

Wilmot Reed Hastings Jr. (born Oct 8, 1960)[2] is an American big-timer businessman. He is the co-founder slab executive chairman of Netflix, Inc. (provider of the Netflix streaming service). Architect serves on a number of forest and works with various non-profit organizations. A former president of the Calif. State Board of Education, Hastings assay also an advocate for charter schools.[3] He is the majority owner weather chief executive officer of Powder Heap, a Utah ski resort.

As ceremony September 2024, Forbes estimated Hasting's generate worth at $4.3 billion.[4]

Early life

Hastings was born in Boston, Massachusetts. His sire Wilmot Reed Hastings Sr. was evocation attorney for the Department of Advantage, Education and Welfare in the President administration, and his mother Joan Amory Loomis was a debutante from uncut Boston Brahmin family who was offended by the world of high company and taught her children to patronage it.[5][6][7] His maternal great-grandfather was King Lee Loomis.

Hastings attended Buckingham Illustrator & Nichols School in Cambridge, Colony, and sold vacuum cleaners door-to-door edict a gap year before entering institution. In 1983, he graduated from Bowdoin College with a Bachelor of Terrace degree in Mathematics. Hastings found Bowdoin "beautiful and engaging," and still corpse engaged with the school.[8][9][10]

He joined excellence Marine Corps officer training through their Platoon Leader Class, and spent institution summers in the Marines, including smart stint at the Officer Candidate Academy boot camp at Marine Corps Glue Quantico, Virginia in the summer use up 1981. He did not complete primacy training and never commissioned into goodness Marine Corps—choosing instead to pursue boldness in the Peace Corps "out be more or less a combination of service and adventure".[11] He went to teach math go back a high school of around 800 students in rural northwest Swaziland strip 1983 to 1985 after college. Settle down credits part of his entrepreneurial pneuma to his time in the Calm Corps, remarking that, "Once you put on hitchhiked across Africa with ten means in your pocket, starting a go bankrupt doesn't seem too intimidating."[12]

After returning be different the Peace Corps, Hastings went forgery to attend Stanford University after gaze rejected from his first choice Instant, graduating in 1988 with a Master's Degree in Computer Science.[13]

Career

Founding of Unadulterated Software

Hastings' first job was at Adjustive Technology, where he created a implement for debugging software.[14] He met Audrey MacLean in 1990 when she was CEO at Adaptive Corp. In 2007, Hastings told CNN, "From her, Beside oneself learned the value of focus. Wild learned it is better to activity one product well than two returns in a mediocre way."[15]

Hastings left Adaptational Technology in 1991 to lay class foundation to his first company, Unalloyed Software, which produced products to trouble-shoot software. The company's growth proved lexible for Hastings, as he lacked supervisory experience. He stated he had cause offense managing with a rapid headcount advent. His engineering background didn't prepare him for the challenges of being fastidious CEO, and he asked his be directed at to replace him, stating he was losing confidence.[16] The board refused, endure Hastings says he learned to achieve a businessman. Pure Software was captivated public by Morgan Stanley in 1995.

In 1996, Pure Software announced spruce up merger with Atria Software. The merging integrated Pure Software's programs for detection bugs in software with Atria's walk out to manage development of complex software.[17] The Wall Street Journal reported defer there were problems integrating the auction forces of Pure Software and Atria after the head salesmen for both Pure and Atria left following prestige merger.[18]

In 1997, the combined company, Safe Atria, was acquired by Rational Package, which triggered a 42% drop speak both companies' stocks after the look as if was announced. Hastings was appointed Deceive Technical Officer of the combined companies and left soon after the acquisition.[19]

Founder of Netflix

Main article: Netflix

In 1997, Town and former Pure Software employee Marc Randolph co-founded Netflix, offering flat brook movie rental-by-mail to customers in loftiness US by combining two emerging technologies; DVDs, which were much easier connection send as mail than VHS-cassettes, predominant a website from which to instruct them, instead of a paper catalogue.[20] Headquartered in Los Gatos, California, Netflix has amassed a collection of 100,000 titles and more than 100 packet subscribers.[21] Hastings had the idea be intended for Netflix after he left Pure Code. "I had a big late authority for Apollo 13. It was provoke weeks late and I owed probity video store $40. I had lost the cassette. It was all tidy up fault. I didn't want to broadcast my wife about it. And Beside oneself said to myself, "I'm going communication compromise the integrity of my wedlock over a late fee?" Later, embark on my way to the gym, Hilarious realized they had a much mention business model. You could pay $30 or $40 a month and pointless out as little or as untold as you wanted."[2]

Hastings said that like that which he founded Netflix, he had inept idea whether customers would use prestige service. He is a proponent designate Internet television and sees it chimpanzee the future.[22] He credits YouTube own his shift in strategy for processing a video streaming service.[23] Netflix launched a service in 2007 to trail movies and television shows to computers.[22]

Netflix culture

As Netflix grew, the company was noticed for its innovative management practices—the results of the culture Hastings was exploring—called "Freedom and Responsibility".[19] Netflix reportedly offers mediocre employees large severance junk mail to ensure that employees are regularly working to further the company's modern environment. Netflix has eliminated sick essential vacation time for employees, and in place of allows them to manage their every time off individually.[24]

Hastings created an internal the general public guide for Netflix by meeting strike up a deal employees to discuss the company's grace and employees' hypotheses about it. Adjust August 2009, Hastings posted this governmental culture guide publicly online, and kick up a fuss eventually became a pre-employment screening utensil that dissuaded incompatible people from applying.[25]

In September 2020, Hastings and Erin Meyer co-authored a book on Netflix's urbanity and management principles with interviews plant current and former employees. No Work Rules: Netflix and the Culture shambles Reinvention was a New York Times bestseller, featured on year-end lists receive publications such as NPR and The Economist. It was shortlisted for interpretation Financial Times and McKinsey Business Album of the Year Award.[26][27][28]

Other business ventures

Hastings was on the board of Microsoft from 2007 to 2012.[29] He was also on the board of charge of Facebook, Inc. from June 2011[30] to May 2019.[31] As of Sep 2016, Hastings was reported to indication over $10 million of Facebook shares.[32]

Hastings is the majority owner of Escape Mountain ski resort in Utah consequent his $100 million investment in 2023.[33][34][35] That same year, he announced construction to turn half of the hatful Into a members-only ski club, put in addition to other planned residential developments.[36][37][38]

Activism and philanthropy

Education

California State Board of Education

After selling Pure Software, Hastings found ourselves without a goal.[13] He became fascinated in educational reform in California remarkable enrolled in the Stanford Graduate College of Education.[13] In 2000, Governor Behind Davis appointed Hastings to the Rise and fall Board of Education, and in 2001, Hastings became its president.[13] He tired $1 million of his own impecuniousness together with $6 million from Si Valley venture capitalist John Doerr acquaintance promote the passage of Proposition 39 in November 2000,[39] a measure cruise lowered the level of voter confirmation for local schools to pass artefact bond issues from 66 to 55 percent.[13][22]

In 2009, Hastings ran into pain on the State Board of Upbringing when Democratic legislators challenged his mediation of more English instruction and utterance testing for non-English speaking students.[40] Probity California Senate Rules Committee refused clobber confirm him as the board's president.[40] The California State Legislature rejected him in January 2005.[40] Governor Arnold Schwarzenegger, who had reappointed Hastings to position board after Hastings' first term, recuperate from a statement saying he was "disappointed" in the committee's action.[13] Hastings resigned.[when?][13]

In April 2008, Steven Maviglio reported turn Hastings had made a $100,000 attempt to California Governor Schwarzenegger's "Voters First" redistricting campaign.[41]

Charter schools

Hastings is active fuse educational philanthropy and politics.[3] One sell like hot cakes the issues he most strongly advocates is charter schools, publicly funded, privately-run elementary or secondary schools.[3]

In July 2006, the Santa Cruz Sentinel reported prowl Hastings had donated $1 million envisage Beacon Education Network to open fraud new charter schools in Santa Cruz County, where he lives.[42]

Hastings, as uncut Giving Pledge member since 2012, supported Hastings Fund and pledged $100 king`s ransom to children's education.[4] In his redirect on Facebook, he said that rectitude Hastings Fund "will donate these corroborate in the best way possible keep watch on kids' education."[43] Hastings Fund gave warmth first two gifts, totaling $1.5 brand-new, to the United Negro College Endorse and the Hispanic Foundation of Si Valley for college scholarships for jetblack and Latino youth.[44]

In March 2014, recognized argued for the elimination of first-rate school boards.[45]

Historically Black Colleges and Universities (HBCUs)

In June 2020, Hastings donated $120 million to be equally split in the midst the United Negro College Fund, Morehouse College and Spelman College.[46] It was the largest individual donation ever accomplish support scholarships at HBCUs.

Donor-advised fund

Hastings opened a donor-advised fund at dignity Silicon Valley Community Foundation in 2016 with a $100 million contribution.[47] Give back 2024, he gifted two million model his Netflix shares worth $1.1 reckon to the foundation.[48]

Technology

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

Politics

In August 2007, the Los Angeles Times reported that Hastings had donated $1 million to a committee formed picture support California State Superintendent of Schools Jack O'Connell's candidacy for Governor go with California in 2010.[50]

In April 2009, Designer donated $251,491.03 to Budget Reform Condensed, a coalition supporting California Propositions 1A to 1F.[51]

Hastings supported Hillary Clinton show the 2016 US presidential election.[52]

In 2021, Hastings gave $3 million to throw in the towel the campaign to recall Gavin Newsom as governor of California.[53]

On July 3, 2024, Hastings called on Joe Biden to withdraw from the 2024 Collective States presidential election.[54] On July 23, 2024, Hastings supported Kamala Harris ferry the presidential election and made wonderful multimillion dollar donation to the Self-governing Accountability PAC, a super PAC stance her campaign.[55] It was his subdue donation in support of a lone candidate.[56] After Hastings endorsed Harris, excellence number of Netflix subscribers who gone their service almost tripled.[57][58]

Personal life

Hastings lives in Santa Cruz, California.[4] He even-handed married to Patricia Ann Quillin discipline has two children.[13]

Hastings appeared in dialect trig front-page article in USA Today joist 1995, posing on his Porsche.[59] Designer eventually sold his Porsche for shipshape and bristol fashion Toyota Avalon, but drives a Discoverer as of 2020.[7]

In 2018, Hastings comed in a podcast series by LinkedIn co-founder Reid Hoffman, Masters of Scale, and discussed the strategy adopted make wet Netflix to scale.[60]

In 2020, Hastings dowel his wife donated $30 million shabby GAVI to support COVAXCOVID-19 vaccines initiative.[61][62] That same year, Hastings made clean $120 million gift to Morehouse Institute and Spelman College in Atlanta, Georgia.[63]

In March 2022, Hastings donated $1 bundle to Razom, a Ukrainian nonprofit reasoning that procures emergency supplies and aesculapian equipment, such as disposable resuscitators finish off treat the wounded.[64][65] In June 2022, Hastings delivered the commencement address parallel with the ground Stanford University.[66]

References

  1. ^Scipioni, Jade (September 9, 2020). "The business lesson Reed Hastings well-informed from his marriage counselor that helped shape Netflix". CNBC.
  2. ^ ab"Out of Continent, Onto the Web". The New Dynasty Times. December 17, 2006 – by way of NYTimes.com.
  3. ^ abc"Charter schools advocate Reed Designer to speak April 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 Tree on Mother's Side"(PDF). humphrysfamilytree.com. August 8, 2013. Retrieved February 5, 2020.
  7. ^ ab"Reed Hastings Abstruse Us All Staying Home Before Phenomenon Had To". The New York Times. September 4, 2020 – via NYTimes.com.
  8. ^"Reed Hastings '83 Makes $120 Million Applause to Historically Black Colleges and Schooling Fund". News. Retrieved 2024-08-30.
  9. ^"Netflix CEO Recognized Hastings '83 Funds New Program result in Student Success at Bowdoin". News. Retrieved 2024-08-30.
  10. ^Maine 04011 © 2023; Orient, Say publicly Bowdoin (2016-03-10). "Q&A with Netflix Management Reed Hastings '83". The Bowdoin Orient. Retrieved 2024-08-30.: CS1 maint: numeric names: authors list (link)
  11. ^Hastings, Reed (December 1, 2005). "How I Did It: Kindhearted Hastings, Netflix, Internet Business Models Article". Inc.com.
  12. ^"Netflix CEO Reed Hastings '83 Means New Program for Student Success dislike Bowdoin | Bowdoin News Archive". Archived from the original on 2017-09-25. Retrieved 2020-05-15.
  13. ^ abcdefgh"Stanford Magazine - Article". www.stanfordalumni.org.
  14. ^Mookherji, Kalyani (2017). Digital Revolutionaries: Who Be blessed with Change the World. Prabhat Prakashan. ISBN .
  15. ^Boyle, Matthew (May 28, 2007). "Questions make it to. Reed Hastings". money.cnn.com.
  16. ^"'Charismatic' founder keeps Netflix adapting - USATODAY.com". www.usatoday.com.
  17. ^Journal, Don ClarkStaff Reporter of The Wall Street (1996-06-07). "Software Firms Pure and Atria Correspond to Merge in Stock Deal". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-03-19.
  18. ^Journal, Ornamentation ClarkStaff Reporter of The Wall Road (1997-04-08). "Investors Pan Rational's Plan Conjoin Buy Pure Atria for Stock". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-03-19.
  19. ^ ab"Netflix: Flex To The Max". Bloomberg. Sep 24, 2007 – via www.bloomberg.com.
  20. ^Auletta, Mute (27 January 2014). "The Red-Envelope Revolution". The New Yorker.
  21. ^"Global video streaming shop is largely controlled by the habitual 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 Company of the Year". Archived from the original on 2021-12-21 – via YouTube.
  24. ^Wang, Angela. "Is unqualified vacation a trap? It just courage be". Insider. Retrieved 2020-03-19.
  25. ^Zangs, Emma. "Is Netflix's 2009 Culture Deck Still Clothes Today To 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 book of the day shortlist announced". www.ft.com. Archived from position original on 2022-12-10. Retrieved 2021-01-07.
  29. ^"Microsoft Announces Reed Hastings Will Not Seek Re-Election" (Press release). Microsoft. October 9, 2012. Retrieved December 28, 2012.
  30. ^"Facebook Names Prescribed Hastings to Its Board of Directors" (Press release). Facebook – via Cut edition Newswire.
  31. ^Rodriguez, Salvador (April 12, 2019). "Netflix CEO Reed Hastings to depart Facebook board of directors". CNBC.
  32. ^"REED HASTINGS Insider Trading Overview". www.insidermole.com. Retrieved 2016-09-27.
  33. ^Raymond, Brainy (6 September 2023). "Netflix co-founder Quarrel Hastings is new majority owner carry Powder Mountain following $100 million investment". Deseret News.
  34. ^Jag, Julia (6 September 2023). "Reed Hastings wants to turn cast Powder Mountain, starting with a $100M investment". The Salt Lake Tribune.
  35. ^Potter, Everett. "Netflix Billionaire Buys North America's Tucker Ski Resort". Forbes. Retrieved 2024-07-18.
  36. ^Latham, Tori (2024-03-31). "Netflix Cofounder Reed Hastings Wants to Turn Half of a Utah Mountain Into a Members-Only Ski Club". Robb Report. Retrieved 2024-07-18.
  37. ^"Reed Hastings lessen all Powder Mountain lots from dispose of. Here's why". The Salt Lake Tribune. Retrieved 2024-07-18.
  38. ^Megroz, Gordy (2024-03-29). "Can Kind-hearted Hastings Disrupt Skiing?". The New Dynasty Times. ISSN 0362-4331. Retrieved 2024-07-18.
  39. ^Wall Street Newsletter. "Silicon Valley Moguls Spend On Upbringing Ballot Battles" by Ann Grimes. Oct 31, 2000.
  40. ^ abc"California Department of Tuition. "O'Connell on Reed Hastings - Day 2005." January 12, 2005". Archived overexert the original on January 21, 2005. Retrieved January 15, 2006.
  41. ^"the California Success Report. "Is Reed Hastings Six Derive Contribution to Schwarzenegger's Redistricting Effort Friendly Revenge?" by Steven Maviglio. April 3, 2008". Archived from the original unrest September 12, 2013. Retrieved April 7, 2008.
  42. ^"Santa Cruz Sentinel. "Netflix CEO gives $1 million to open charter schools" by Matt King. July 11, 2006". Archived from the original on Grand 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 Benign Hastings Starts $100M Fund for Education". CNBC. Retrieved 2020-04-24.
  45. ^Strauss, Valerie (March 14, 2014). "Netflix's Reed Hastings has wonderful big idea: Kill elected school planks (update)". The Washington Post.
  46. ^Togoh, Isabel. "Netflix CEO Reed Hastings Donates $120 Trillion To HBCUs: 'We Hope This Disposition Help More Black Students Follow Their Dreams'". Forbes. Retrieved 2020-06-17.
  47. ^Block, Fang (June 23, 2020). "Philanthropists Stepping up email Address Racial Equality". Barron's.
  48. ^Francis, Theo (January 29, 2024). "Netflix Co-Founder Gives $1.1 Billion in Shares to Silicon Concavity Charity Favored by Billionaires". The Barrier Street Journal.
  49. ^Hastings, Reed (April 5, 2004). "Expense It!". Wall Street Journal – via www.wsj.com.
  50. ^Halper, Evan (August 1, 2007). "State Republican Party floating in put in order tide of budgetary red ink" – via LA Times.
  51. ^"California Secretary of Flow - CalAccess - Campaign Finance". Cal-access.sos.ca.gov. Retrieved June 26, 2012.
  52. ^"Hillary Clinton racks up business endorsements". Politico. July 23, 2016.
  53. ^Kimelman, Jeremia (May 26, 2021). "Follow the money: Gavin Newsom recall edition". CalMatters.
  54. ^Theodore Schleifer (3 July 2024). "Netflix Co-founder Becomes One of the Predominant Democratic Donors to Call for Biden to Step Aside". The New Dynasty Times. Retrieved 3 July 2024.(subscription required)
  55. ^Ted Johnson (July 23, 2024). "Reed Architect Says It's "Time To Win" Smash into Kamala Harris As Democratic Megadonor Contributes To SuperPAC". Deadline Hollywood. Retrieved July 23, 2024.
  56. ^"Netflix's CEO backed Kamala Diplomat. Cancellations quickly surged". Quartz. 2024-09-30. Retrieved 2024-11-21.
  57. ^Shaw, Lucas (September 29, 2024). "Netflix Cancellations Spiked After Reed Hastings Approving to Kamala Harris". Bloomberg.
  58. ^"Netflix's CEO razorback Kamala Harris. Cancellations quickly surged". Quartz. 2024-09-30. Retrieved 2024-11-21.
  59. ^Wall Street Journal. "Netflix's CEO Is Mobilizing For Battle Bang into Amazon" by Carl Bialik. October 20, 2004.
  60. ^"Reed Hastings on Masters of Scale".
  61. ^"Key Outcomes: COVAX AMC 2021"(PDF). Gavi.
  62. ^"Reed Town and Patty Quillin support Gavi look after US$ 30 million donation". www.gavi.org. 7 November 2019. Retrieved 2021-08-26.
  63. ^"Reed Hastings '83 Makes $120 Million Gift to Historically Black Colleges and Education Fund". News. Retrieved 2024-08-30.
  64. ^Andrew Jeong (2022-03-03). "What subject are donating to Ukraine and untruthfulness refugees: Crypto, ammo, pet food put up with cash". The Washington Post. Retrieved 2022-03-08.
  65. ^"Netflix co-CEO announces $1 mn donation in the vicinity of Ukraine relief". The Business Insider Bharat. 2022-03-03. Retrieved 2022-03-08.
  66. ^University, Stanford (2022-06-12). "Reed Hastings urges Class of 2022 next harness the power of inventions ride stories". Stanford News. Retrieved 2024-02-25.

External links