from netflix Reed Hastings will step down as chief executive officer but will remain as chairman, the company announced alongside its earnings report on Thursday.
Co-CEO Ted Sarandos will remain in his role. Greg Peters, the newest COO, will take over as co-CEO from Hastings. Peters will also join the company’s board of directors.
“I want to thank Reed for his visionary leadership, mentorship, and friendship over the past 20 years. We have all learned a lot from his intellectual rigor, honesty and willingness to place big stakes from him, and we look forward to working with him for many years to come,” Sarandos said in a written statement.
Hastings co-founded Netflix in 1997. Sarandos was promoted to co-CEO along with Hastings in July 2020at the same time that Peters was appointed director of operations.
Hastings tweeted Thursday that he plans to stay on as CEO. «for many years to come.» He leaves the helm as the company tries a variety of pivots to grow subscribers and bounce back after its sunken business in recent quarters.
Hastings wrote in a blog post Thursday that the period of the past two and a half years «was a baptism of fire, given COVID and recent challenges within our business.»
The executive shakeup will also see Bela Bajaria, who served as the company’s global head of television, assume the role of chief content officer. Scott Stuber, who was previously a global film director, will take over as president of Netflix Film.
The succession announcement comes along with the company announcement. Fourth quarter results report. The streaming company matched Wall Street revenue expectations and posted millions more subscribers than anticipated.
The succession announcement comes along with the company announcement. Fourth quarter results report.