Greg Peters will step up from COO to become the new co-head
Reed Hastings, one of Netflix’s founders, is giving up his co-CEO title and transitioning into the role of executive chairman.
The company announced the news in a letter to shareholders along with its Q4 earnings on Thursday.
Hastings spent 25 years building Netflix into the streaming giant it is today, transitioning it from a DVD mail service into a global powerhouse. Greg Peters, Netflix’s chief product and COO, will be the next co-CEO, joining Ted Sarandos, who has been in the role since 2020.
In the last two and a half years, I’ve increasingly delegated the management of Netflix to them,” Hastings said in a statement, referring to Sarandos and Peters. “It was a baptism by fire, given Covid and recent challenges within our business.”
Hastings said that both Sarandos and Peters “managed incredibly well” throughout the pandemic, and he and the board believe it’s the right time to complete a succession plan that’s been in the works for several years.
The passing of the baton is effective immediately, with Hastings pointing to executives like Bill Gates and Jeff Bezos as other company founders who moved into chairman roles.
“We start 2023 with renewed momentum as a company and a clear path to reaccelerate our growth,” Hastings said.
Sarandos honored Hastings in a statement, noting both he and Peters learned “intellectual rigor, honesty and willingness to take big bets” from the former co-CEO, and the pair look forward to working with him “for many more years to come.”
In addition to the Hastings news, Netflix also upped Bela Bajaria to chief content officer from her current role as global head of television and named Scott Stuber—current head of film—the chairman of Netflix Film, a newly created position.
