Netflix’s co-founder and co-CEO Reed Hastings is stepping down from the Chief Executive Officer position, the media mogul revealed on Twitter. He will continue to serve as the executive chairman of the company. The overhaul comes as Netflix reported fourth-quarter 2022 earnings – adding a net 7.7 million new subscribers a number far greater than its forecast.
Ted Sarandos, co-CEO and formerly chief content officer, and Greg Peters, previously chief product officer and COO, will now serve as joint CEOs of the company. “Ted & Greg are now co-CEOs. After 15 years together we have a great shorthand & I’m so confident in their leadership. Twice the heart, double the ability to please members & accelerate growth. Proud to serve as Executive Chairman for many years to come,” Hastings tweeted.
Hastings in a blog post further divulged that the board had been discussing succession planning for several years now. And as part of the plan, Sarandos was promoted to co-CEO alongside Hastings in July 2020, and also appointed Peters to the role of the chief operating officer in addition to chief product officer. “It was a baptism by fire, given COVID and recent challenges within our business. But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth. So the board and I believe it’s the right time to complete my succession,” he wrote.
He also revealed that going forward he will be “helping Greg and Ted, and, like any good chairman, be a bridge from the board to our co-CEOs.” Adding, “I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well.” Sarandos thanked Reed in a statement, “for his visionary leadership, mentorship and friendship over the last 20 years. We’ve all learned so much from his intellectual rigor, honesty, and willingness to take big bets – and we look forward to working with him for many more years to come.” Peters added, “I feel humbled and privileged to become co-CEO of Netflix. Ted and I have worked together for many years – building tremendous trust and respect for each other. We’re also motivated by the same goal: a desire to better serve our members so that we can continue to grow our business.”
Furthermore, the company named Bela Bajaria, formerly head of global TV, to the position of chief content officer, while Scott Stuber, head of global films, has the new title of chairman of Netflix Film. Of their appointments, Sarandos said, “Bela and Scott are outstanding creative executives with proven track records at Netflix.” In 2022 the streamer premiered many of our most popular series and films in Netflix history, including Wednesday, Glass Onion: A Knives Out Mystery, Purple Hearts, Monster: The Jeffrey Dahmer Story, The Adam Project and Harry & Meghan which the new CEO notes is “a testament to their leadership and creativity. I couldn’t be more excited to work alongside them as we seek to delight audiences for years to come.”
You can check out Hastings‘ tweet below: