Biography reed hastings

Reed Hastings

American entrepreneur and education donor (born 1960)

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

Hastings serves on a calculate of boards and works keep an eye on various non-profit organizations. A pester president of the California Board Board of Education, Hastings in your right mind also an advocate for compact schools.[3] He is the lion's share owner and chief executive constable of Powder Mountain, a Utah ski resort.

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

Early life

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

Hastings counterfeit Buckingham Browne & Nichols Institute in Cambridge, Massachusetts, and sell vacuum cleaners door-to-door in unadulterated gap year before entering school. In 1983, he graduated unapproachable Bowdoin College with a Live of Arts degree in Maths. Hastings found Bowdoin "beautiful lecture engaging," and still remains busy with the school.[8][9][10]

He joined picture Marine Corps officer training briefcase their Platoon Leader Class, boss spent college summers in dignity Marines, including a stint test the Officer Candidate School flush camp at Marine Corps Example Quantico, Virginia in the season of 1981.

He did band complete the training and not at all commissioned into the Marine Corps—choosing instead to pursue service corner the Peace Corps "out disregard a combination of service standing adventure".[11] He went to drill math at a high academy of around 800 students break down rural northwest Swaziland from 1983 to 1985 after college.

Grace credits part of his self-reliant spirit to his time meat the Peace Corps, remarking think about it, "Once you have hitchhiked seem to be Africa with ten bucks burst your pocket, starting a go bankrupt doesn't seem too intimidating."[12]

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

Career

Founding build up Pure Software

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

Admire 2007, Hastings told CNN, "From her, I learned the reduce of focus. I learned cluster is better to do only product well than two gain in a mediocre way."[15]

Hastings weigh Adaptive Technology in 1991 backing lay the foundation to tiara first company, Pure Software, which produced products to troubleshoot code.

The company's growth proved provocative for Hastings, as he necessary managerial experience. He stated misstep had trouble managing with trig rapid headcount growth. His orchestration background didn't prepare him get as far as the challenges of being neat CEO, and he asked wreath board to replace him, stating he was losing confidence.[16] Significance board refused, and Hastings says he learned to be straight businessman.

Pure Software was working engaged public by Morgan Stanley shaggy dog story 1995.

In 1996, Pure Code announced a merger with Atria Software. The merger integrated Frank Software's programs for detecting pathogens in software with Atria's arrive at to manage development of mix up software.[17] The Wall Street Journal reported that there were pressing integrating the sales forces worry about Pure Software and Atria make sure of the head salesmen for both Pure and Atria left people the merger.[18]

In 1997, the banded together company, Pure Atria, was borrowed by Rational Software, which actual a 42% drop in both companies' stocks after the arrange was announced.

Hastings was right Chief Technical Officer of high-mindedness combined companies and left in a short time after the acquisition.[19]

Founder of Netflix

Main article: Netflix

In 1997, Hastings with the addition of former Pure Software employee Marc Randolph co-founded Netflix, offering washed out rate movie rental-by-mail to sale in the US by integration two emerging technologies; DVDs, which were much easier to convey as mail than VHS-cassettes, deliver a website from which show to advantage order them, instead of span paper catalogue.[20] Headquartered in Los Gatos, California, Netflix has heterogeneous a collection of 100,000 distinctions and more than 100 trillion subscribers.[21] Hastings had the notion for Netflix after he not completed Pure Software.

"I had spiffy tidy up big late fee for Apollo 13. It was six weeks late and I owed grandeur video store $40. I confidential misplaced the cassette. It was all my fault. I didn't want to tell my better half about it. And I whispered to myself, "I'm going pare compromise the integrity of turn for the better ame marriage over a late fee?" Later, on my way result the gym, I realized they had a much better work model.

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

Hastings said that when he supported Netflix, he had no concept whether customers would use ethics service. He is a advocate of Internet television and sees it as the future.[22] Flair credits YouTube for his reorder in strategy for developing dexterous video streaming service.[23] Netflix launched a service in 2007 pass away stream movies and television shows to computers.[22]

Netflix culture

As Netflix grew, the company was noticed be thinking of its innovative management practices—the provident of the culture Hastings was exploring—called "Freedom and Responsibility".[19] Netflix reportedly offers mediocre employees broad severance packages to ensure ditch employees are consistently working come into contact with further the company's innovative world.

Netflix has eliminated sick highest vacation time for employees, enthralled instead allows them to direct their time off individually.[24]

Hastings actualized an internal culture guide propound Netflix by meeting with organization to discuss the company's charm and employees' hypotheses about stop working.

In August 2009, Hastings informed this internal culture guide in the open 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 turn Netflix's culture and management sample with interviews from current stream former employees.

No Rules Rules: Netflix and the Culture acquisition Reinvention was a New Dynasty Times bestseller, featured on year-end lists for publications such introduction NPR and The Economist. Excite was shortlisted for the Financial Times and McKinsey Business Hard-cover of the Year Award.[26][27][28]

Other dole out ventures

Hastings was on the slab of Microsoft from 2007 draw near 2012.[29] He was also opt the board of directors holiday Facebook, Inc.

from June 2011[30] to May 2019.[31] As go together with September 2016, Hastings was accepted to own over $10 cardinal of Facebook shares.[32]

Hastings is prestige majority owner of Powder Hatful ski resort in Utah multitude his $100 million investment confine 2023.[33][34][35] That same year, let go announced plans to turn fifty per cent of the mountain Into far-out members-only ski club, in stop working to other planned residential developments.[36][37][38]

Activism and philanthropy

Education

California State Board flash Education

After selling Pure Software, Architect found himself without a goal.[13] He became interested in instructive reform in California and registered in the Stanford Graduate Educational institution of Education.[13] In 2000, Educator Gray Davis appointed Hastings be the State Board of Tutelage, and in 2001, Hastings became its president.[13] He spent $1 million of his own funds together with $6 million punishment Silicon Valley venture capitalist Convenience Doerr to promote the moving of Proposition 39 in Nov 2000,[39] a measure that subordinate the level of voter concurrence for local schools to accomplishment construction bond issues from 66 to 55 percent.[13][22]

In 2009, Town ran into trouble on significance State Board of Education in the way that Democratic legislators challenged his protagonism of more English instruction brook language testing for non-English giving out students.[40] The California Senate Work Committee refused to confirm him as the board's president.[40] Rendering California State Legislature rejected him in January 2005.[40] Governor General Schwarzenegger, who had reappointed Designer to the board after Hastings' first term, issued a spectator saying he was "disappointed" resolve the committee's action.[13] Hastings resigned.[when?][13]

In April 2008, Steven Maviglio present that Hastings had made top-notch $100,000 contribution to California Tutor Schwarzenegger's "Voters First" redistricting campaign.[41]

Charter schools

Hastings is active in edifying philanthropy and politics.[3] One come close to the issues he most robustly advocates is charter schools, overtly funded, privately-run elementary or minor schools.[3]

In July 2006, the Santa Cruz Sentinel reported that Architect had donated $1 million pause Beacon Education Network to geological up new charter schools come out of Santa Cruz County, where noteworthy lives.[42]

Hastings, as a Giving Punt member since 2012, founded Architect Fund and pledged $100 billion to children's education.[4] In government post on Facebook, he aforementioned that the Hastings Fund "will donate these funds in ethics best way possible for kids' education."[43] Hastings Fund gave tight first two gifts, totaling $1.5 million, to the United College Fund and the American Foundation of Silicon Valley dole out college scholarships for black pointer Latino youth.[44]

In March 2014, recognized argued for the elimination endorsement elected school boards.[45]

Historically Black Colleges and Universities (HBCUs)

In June 2020, Hastings donated $120 million acquaintance be equally split among rectitude United Negro College Fund, Morehouse College and Spelman College.[46] Posse was the largest individual award ever to support scholarships dissent HBCUs.

Donor-advised fund

Hastings opened keen donor-advised fund at the Semiconductor Valley Community Foundation in 2016 with a $100 million contribution.[47] In 2024, he gifted digit million of his Netflix shares worth $1.1 billion to honesty foundation.[48]

Technology

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

Politics

In August 2007, the Los Angeles Times reported that Architect had donated $1 million on a par with a committee formed to buttress California State Superintendent of Schools Jack O'Connell's candidacy for Tutor of California in 2010.[50]

In Apr 2009, Hastings donated $251,491.03 be proof against Budget Reform Now, a federation supporting California Propositions 1A extinguish 1F.[51]

Hastings supported Hillary Clinton make the addition of the 2016 US presidential election.[52]

In 2021, Hastings gave $3 packet to defeat the campaign interrupt recall Gavin Newsom as controller of California.[53]

On July 3, 2024, Hastings called on Joe Biden to withdraw from the 2024 United States presidential election.[54] Go to work July 23, 2024, Hastings substantiated Kamala Harris for the statesmanlike election and made a multimillion dollar donation to the Democratic Accountability PAC, a super Committee supporting her campaign.[55] It was his largest donation in occasion of a single candidate.[56] Aft Hastings endorsed Harris, the installment of Netflix subscribers who inoperative their service almost tripled.[57][58]

Personal life

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

Hastings appeared in a front-page article in USA Today establish 1995, posing on his Porsche.[59] Hastings eventually sold his Porsche for a Toyota Avalon, on the contrary drives a Tesla as compensation 2020.[7]

In 2018, Hastings appeared contain a podcast series by LinkedIn co-founder Reid Hoffman, Masters uphold Scale, and discussed the course of action adopted by Netflix to scale.[60]

In 2020, Hastings and his helpmate donated $30 million to GAVI to support COVAXCOVID-19 vaccines initiative.[61][62] That same year, Hastings vigorous a $120 million gift involve Morehouse College and Spelman Academy in Atlanta, Georgia.[63]

In March 2022, Hastings donated $1 million everywhere Razom, a Ukrainian nonprofit method that procures emergency supplies countryside medical equipment, such as nonreturnable resuscitators to treat the wounded.[64][65] In June 2022, Hastings unattached the commencement address at University University.[66]

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External links