What you need to know
- Netflix CEO Reed Hastings has announced he is stepping down from his role at the company.
- COO Greg Peters will succeed Hastings as co-CEO alongside Ted Sarandos.
- Hastings will continue as chairman of Netflix.
In a surprising move Thursday, Netflix co-founder Reed Hastings announced he was stepping down as CEO after 25 years.
“Proud of our first 25 years and excited for the next quarter century,” Hastings said in the post. (opens in new tab)“We can do more to make the world more fun and bring more joy to our members.”
Instead, Netflix COO Greg Peters will take over, co-CEO with Ted Sarandos. Hastings, meanwhile, will remain chairman of Netflix. He said he has delegated more and more management responsibilities to Peters and Sarandos over the last two years.
“Given COVID and the recent challenges in our business, it was a baptism by fire,” continues Hastings. I am confident that we are developing a clear path to reaccelerate growth in and earnings, and therefore the Board and I believe it is the right time to complete my succession. .”
Ted and Greg are now co-CEOs. Together he spent 15 years, after which we got a great shorthand. I have confidence in their leadership. Double the heart, double the ability to please members and accelerate growth. I am proud to serve as chairman for many years to come https://t.co/oYc0laqMXQJanuary 19, 2023
The announcement comes at a time when Netflix is undergoing major changes to its business model. The streaming giant is launching an ad-supported tier in late 2022 following its first drop in subscribers in a decade. will charge an additional fee.
As Netflix reported on Thursday, the new direction seems to be paying off… year-over-year.
“We are starting 2023 as a company with fresh momentum, setting a clear path to reaccelerate growth,” concludes Hastings. “I am thrilled with Ted and Greg’s leadership and their ability to make his next 25 years even better than the first.”
