Netflix co founder and co CEO, Reed Hastings, is to step down from the role and be replaced by Greg Peters.
Former COO Peters will now share the CEO role with Ted Sarandos with Reed Hastings becoming Executive Chairman.
Other management changes include Bela Bajaria becoming Chief Content Officer and Scott Stuber made Chairman of Netflix Film.
Hastings said that the Netflix board “has been discussing succession planning for many years (even founders need to evolve!).”
That process saw Sarandos promoted to co-CEO alongside Hastings in July 2020, and Greg Peters upped to Chief Operating Officer.
Hastings said the Executive Chairman role is one “that founders often take (Jeff Bezos, Bill Gates, etc.) after they pass the CEO baton to others. 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.”
Hastings went on to say that “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.
“For myself, I’ll be helping Greg and Ted, and, like any good Chairman, be a bridge from the board to our co-CEOs. I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well.”
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