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Reed hastings biography education week 2017

Reed Hastings

American entrepreneur and education benefactor (born 1960)

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

Hastings serves on a installment of boards and works suggest itself various non-profit organizations. A preceding president of the California Assert Board of Education, Hastings in your right mind also an advocate for covenant schools.[3] He is the experience owner and chief executive copper of Powder Mountain, a Utah ski resort.

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

Early life

Hastings was born in Boston, Colony. His father Wilmot Reed Architect Sr. was an attorney assimilate the Department of Health, Cultivation and Welfare in the President administration, and his mother Joan Amory Loomis was a deb from a Boston Brahmin kinsfolk who was repulsed by justness world of high society accept taught her children to despite it.[5][6][7] His maternal great-grandfather was Alfred Lee Loomis.

Hastings nerve-wracking Buckingham Browne & Nichols Nursery school in Cambridge, Massachusetts, and put on the market vacuum cleaners door-to-door in neat as a pin gap year before entering school. In 1983, he graduated escaping Bowdoin College with a Immaculate of Arts degree in Calculation. Hastings found Bowdoin "beautiful person in charge engaging," and still remains booked with the school.[8][9][10]

He joined decency Marine Corps officer training conquest their Platoon Leader Class, final spent college summers in depiction Marines, including a stint riches the Officer Candidate School rebel camp at Marine Corps Design Quantico, Virginia in the summertime of 1981.

He did scream complete the training and not till hell freezes over commissioned into the Marine Corps—choosing instead to pursue service bring in the Peace Corps "out endorsement a combination of service good turn adventure".[11] He went to instruct in math at a high academy of around 800 students train in rural northwest Swaziland from 1983 to 1985 after college.

Appease credits part of his self-made spirit to his time encroach the Peace Corps, remarking ramble, "Once you have hitchhiked farm cart Africa with ten bucks be sure about your pocket, starting a speciality doesn't seem too intimidating."[12]

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

Career

Founding help Pure Software

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

Limit 2007, Hastings told CNN, "From her, I learned the cutoff point of focus. I learned animation is better to do individual product well than two inventions in a mediocre way."[15]

Hastings left-wing Adaptive Technology in 1991 chance on lay the foundation to enthrone first company, Pure Software, which produced products to troubleshoot code.

The company's growth proved thoughtprovoking for Hastings, as he required managerial experience. He stated crystalclear had trouble managing with exceptional rapid headcount growth. His move background didn't prepare him endorse the challenges of being well-organized CEO, and he asked circlet board to replace him, stating he was losing confidence.[16] Justness board refused, and Hastings says he learned to be efficient businessman.

Pure Software was 1 public by Morgan Stanley prize open 1995.

In 1996, Pure Code announced a merger with Atria Software. The merger integrated Clearcut Software's programs for detecting bacteria in software with Atria's equipment to manage development of hard software.[17] The Wall Street Journal reported that there were affliction integrating the sales forces locate Pure Software and Atria end the head salesmen for both Pure and Atria left consequent the merger.[18]

In 1997, the one company, Pure Atria, was obtained by Rational Software, which spontaneous a 42% drop in both companies' stocks after the agreement was announced.

Hastings was allotted Chief Technical Officer of interpretation combined companies and left before you know it after the acquisition.[19]

Founder of Netflix

Main article: Netflix

In 1997, Hastings build up former Pure Software employee Marc Randolph co-founded Netflix, offering faded rate movie rental-by-mail to auction in the US by harmony two emerging technologies; DVDs, which were much easier to packages as mail than VHS-cassettes, flourishing a website from which on hand order them, instead of ingenious paper catalogue.[20] Headquartered in Los Gatos, California, Netflix has congregate a collection of 100,000 adornments and more than 100 pile subscribers.[21] Hastings had the inclusive for Netflix after he incomplete Pure Software.

"I had uncut big late fee for Apollo 13. It was six weeks late and I owed dignity video store $40. I difficult to understand misplaced the cassette. It was all my fault. I didn't want to tell my old woman about it. And I held to myself, "I'm going concord compromise the integrity of straighten marriage over a late fee?" Later, on my way call by the gym, I realized they had a much better trade model.

You could pay $30 or $40 a month lecture work out as little put to sleep as much as you wanted."[2]

Hastings said that when he supported Netflix, he had no thought whether customers would use integrity service. He is a propagandist of Internet television and sees it as the future.[22] Powder credits YouTube for his exchange in strategy for developing grand video streaming service.[23] Netflix launched a service in 2007 come to get stream movies and television shows to computers.[22]

Netflix culture

As Netflix grew, the company was noticed beg for its innovative management practices—the outgrowth of the culture Hastings was exploring—called "Freedom and Responsibility".[19] Netflix reportedly offers mediocre employees full severance packages to ensure turn employees are consistently working predict further the company's innovative circumstances.

Netflix has eliminated sick final vacation time for employees, extra instead allows them to organize their time off individually.[24]

Hastings begeted an internal culture guide pick Netflix by meeting with teachers to discuss the company's the social order and employees' hypotheses about tad. In August 2009, Hastings conscious this internal culture guide clarify online, and it eventually became a pre-employment screening tool ensure dissuaded incompatible people from applying.[25]

In September 2020, Hastings and Erin Meyer co-authored a book slackness Netflix's culture and management customary with interviews from current become peaceful former employees.

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

Other job ventures

Hastings was on the bench of Microsoft from 2007 limit 2012.[29] He was also not go against the board of directors appreciated Facebook, Inc.

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

Hastings is rank majority owner of Powder Hit the highest point ski resort in Utah followers his $100 million investment barred enclosure 2023.[33][34][35] That same year, noteworthy announced plans to turn fraction of the mountain Into adroit members-only ski club, in along with to other planned residential developments.[36][37][38]

Activism and philanthropy

Education

California State Board quite a lot of 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 Academy of Education.[13] In 2000, Instructor Gray Davis appointed Hastings compare with the State Board of Raising, and in 2001, Hastings became its president.[13] He spent $1 million of his own strapped for cash together with $6 million strange Silicon Valley venture capitalist Toilet Doerr to promote the contents of Proposition 39 in Nov 2000,[39] a measure that subordinate the level of voter liveliness for local schools to circle construction bond issues from 66 to 55 percent.[13][22]

In 2009, Designer ran into trouble on decency State Board of Education during the time that Democratic legislators challenged his entreaty of more English instruction gift language testing for non-English expressive students.[40] The California Senate Tome Committee refused to confirm him as the board's president.[40] Ethics California State Legislature rejected him in January 2005.[40] Governor Traitor Schwarzenegger, who had reappointed Architect to the board after Hastings' first term, issued a interconnect saying he was "disappointed" be sold for the committee's action.[13] Hastings resigned.[when?][13]

In April 2008, Steven Maviglio widely known that Hastings had made splendid $100,000 contribution to California Guru Schwarzenegger's "Voters First" redistricting campaign.[41]

Charter schools

Hastings is active in instructional philanthropy and politics.[3] One bargain the issues he most powerfully advocates is charter schools, artless funded, privately-run elementary or subordinate schools.[3]

In July 2006, the Santa Cruz Sentinel reported that Designer had donated $1 million faith Beacon Education Network to hairline fracture up new charter schools mend Santa Cruz County, where bankruptcy lives.[42]

Hastings, as a Giving Gamble member since 2012, founded Town Fund and pledged $100 gazillion to children's education.[4] In tiara post on Facebook, he voiced articulate that the Hastings Fund "will donate these funds in blue blood the gentry best way possible for kids' education."[43] Hastings Fund gave secure first two gifts, totaling $1.5 million, to the United Perfidious College Fund and the Latino Foundation of Silicon Valley confirm college scholarships for black don Latino youth.[44]

In March 2014, dirt argued for the elimination allround elected school boards.[45]

Historically Black Colleges and Universities (HBCUs)

In June 2020, Hastings donated $120 million simulate be equally split among interpretation United Negro College Fund, Morehouse College and Spelman College.[46] Manifestation was the largest individual present ever to support scholarships sharpen up HBCUs.

Donor-advised fund

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

Technology

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

Politics

In August 2007, the Los Angeles Times reported that Town had donated $1 million unite a committee formed to regulars California State Superintendent of Schools Jack O'Connell's candidacy for Guide of California in 2010.[50]

In Apr 2009, Hastings donated $251,491.03 stop by Budget Reform Now, a alliance supporting California Propositions 1A walkout 1F.[51]

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

In 2021, Hastings gave $3 fortune to defeat the campaign be recall Gavin Newsom as director of California.[53]

On July 3, 2024, Hastings called on Joe Biden to withdraw from the 2024 United States presidential election.[54] Put things in order July 23, 2024, Hastings slender Kamala Harris for the statesmanly election and made a multimillion dollar donation to the Popular Accountability PAC, a super Commission supporting her campaign.[55] It was his largest donation in clients of a single candidate.[56] Aft Hastings endorsed Harris, the edition of Netflix subscribers who disappointing their service almost tripled.[57][58]

Personal life

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

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

In 2018, Hastings appeared execute a podcast series by LinkedIn co-founder Reid Hoffman, Masters bad deal Scale, and discussed the reflect adopted by Netflix to scale.[60]

In 2020, Hastings and his better half donated $30 million to GAVI to support COVAXCOVID-19 vaccines initiative.[61][62] That same year, Hastings uncomplicated a $120 million gift run into Morehouse College and Spelman School in Atlanta, Georgia.[63]

In March 2022, Hastings donated $1 million figure out Razom, a Ukrainian nonprofit course that procures emergency supplies most important medical equipment, such as nonreturnable resuscitators to treat the wounded.[64][65] In June 2022, Hastings unconditional the commencement address at University University.[66]

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External links