Reed Hastings, a co-founder of the company who has served in that role since Netflix’s founding more than 20 years ago, said on Thursday afternoon that he is stepping down. In a lengthy blog post, Hastings announced his departure and stated that former COO Greg Peters would succeed Ted Sarandos in the position.
“Going forward, I’ll be serving as Executive Chairman, a role that founders often take (Jeff Bezos, Bill Gates, etc.) after they pass the CEO baton to others,” wroite Hastings, who launched the service in 1997 alongside Marc Randolph. “Ted, Greg, and I have been working closely together in different capacities for 15 years. As is common in long, effective relationships, we’ve all learned how to bring out the best in each other. I look forward to working with them in this role for many years to come.”
He continued: “Ted and Greg have developed great trust and respect for each other through their collective successes and failures. In addition, they can always be relied upon to put Netflix’s interests first. These qualities — combined with their complementary skill sets, deep knowledge of entertainment and technology, and proven track record at Netflix — create a unique opportunity to deliver faster growth and greater success long term with them as co-CEOs.”
Hastings also disclosed the appointment of Scott Stuber as chairman of Netflix Film and the appointment of Bela Bajaria, formerly of Netflix’s worldwide films division, as chief content officer.
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 https://t.co/oYc0laqMXQ
— Reed Hastings (@reedhastings) January 19, 2023