Thursday, January 26, 2023

Reed Hastings steps down as co-CEO of Netflix after 25-year career

  • Netflix co-founder Reed Hastings has resigned after 25 years as co-CEO of the company.
  • The streaming giant’s chief operating officer, Greg Peters, will take over as co-CEO alongside Ted Sarandos.
  • As COO, Peters oversaw the launch of Netflix’s new ad-supported tier and its expansion into Asia.
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Netflix co-founder Reed Hastings has stepped down as co-CEO of the streaming giant after nearly 25 years in the role.

Netflix COO Greg Peters will assume the role of co-CEO, with Ted Sarandos serving as co-CEO from 2020, according to the company. Hastings will remain CEO of Netflix.

“It was a baptism of fire, given Covid and the recent challenges within our business. “But both have handled incredibly well,” Reed Hastings said of Peters and Sarandos in a blog post announcing the change, ensuring that Netflix has a clear path to accelerate our revenue and profits. continues to grow and develop.

As chief operating officer, Peters was tasked with driving Netflix’s advertising efforts, as the company bets on cheaper levels of advertising to drive revenue.

Peters also led Netflix’s expansion into Asia in 2015 and the company’s push into gaming.

“I am honored and privileged to be named co-CEO of Netflix. Ted and I have worked together for many years, building a great deal of trust and respect for each other. We are also driven by the same goals: The desire to better serve our members. So we can continue to grow our business,” Peters said.

Hastings steps down as co-head of Netflix after the company expects to add 7.66 million subscribers in the final quarter of 2022; Far higher than the experts’ estimate of 4.57 million.

In his final year as co-CEO, Hastings oversaw the successful launch of Netflix’s new ad-supported plan and the company’s latest efforts to crack down on password sharing.

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