Netflix CEO Reed Hastings is stepping down but will remain chairman, the company announced Thursday alongside its earnings report.
Ted Sarandos, co-CEO, will remain in his position. Greg Peters, most recently chief operating officer, will take Hastings’ place as co-CEO. Peters will also join the company’s board of directors.
“I’d like to thank Reed for his visionary leadership, mentorship, and friendship over the last 20 years. “We’ve all learned so much from his intellectual rigour, honesty, and willingness to make big bets — and we look forward to working with him for many more years,” Sarandos said in a written statement.
In 1997, Hastings co-founded Netflix. Sarandos was named co-CEO alongside Hastings in July 2020, at the same time Peters was named COO.
Hastings announced on Thursday that he will remain as executive chairman for “many years to come.” He steps down as the company attempts a number of pivots to increase subscribers and recover from a slump in recent quarters.
In a blog post published on Thursday, Hastings stated that the last two and a half years “were a baptism by fire, given COVID and recent challenges within our business.”
Bela Bajaria, the company’s global head of television, will also take over as chief content officer as part of the executive shuffle. Scott Stuber, the former head of global film, will take over as chairman of Netflix Film.
The succession announcement coincides with the release of the company’s fourth-quarter earnings report. The streaming service met Wall Street’s revenue expectations while adding millions more subscribers than expected.
The succession announcement coincides with the release of the company’s fourth-quarter earnings report.
