Netflix Reed Hastings steps down as CEO

Netflix has announced that its co-founder and co-CEO Read Hastings is stepping down as CEO, he will be replaced by Ted Sarandos and Greg Peters who will serve as co-CEOs.

Ted Sarandos has been co-CERO with Reed Hastings since July 2020 and Greg Peters has been COO since July 2020.

Our board has been discussing succession planning for many years (even founders have to evolve!). As part of this process, we promoted Ted to Co-CEO alongside me in July 2020, and Greg to COO – and over the 2 1/2 years I have increasingly more delegated the management of Netflix.

It was a baptism of fire, considering COVID and recent challenges within our business. But they’ve both done incredibly well, ensuring Netflix continues to improve and developing a clear path to re-accelerate our revenue and profit growth. Therefore, the board and I believe this is the right time to complete my estate.

Effective immediately, Greg Peters will transition from COO to co-CEO of Ted. Going forward, I will be Executive Chairman, a role that founders often assume (Jeff Bezos, Bill Gates, etc.) after passing the CEO baton to others. Ted, Greg and I have worked closely together in various capacities for 15 years. As is often the case in long and successful relationships, we have all learned to bring out the best in each other. I look forward to working with them in this role for many years to come.

You can find more details about the leadership changes at Netflix on the company’s website at the link below.

SourceNetflix

Image credit: Netflix

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