Netflix announced a series of key title promotions for its top-level managers starting at the very top, with Reed Hastings moving on from his co-CEO position to the role of executive chairman.
Meanwhile, 14-year company veteran Greg Peters has been upped from chief operating officer to co-CEO, alongside Ted Sarandos, who himself was moved up from chief content officer in 2020.
The co-founder of Netflix, Hastings was the only chief executive officer the streaming company had ever had until Sarandos was bumped up to co-CEO.
Also read: Netflix Has Huge Q4, Exceeds Guidance on Revenue and Subscribers
“Ted and I have worked together for many years — building tremendous trust and respect for each other,” Peters said in a statement released Thursday in Netflix’s quarterly letter to shareholders. “We’re also motivated by the same goal: a desire to better serve our members so that we can continue to grow our business.”
For his part, Hastings said that he, Peters and Sarandos have been discussing the transition for some time.
“We dream of the whole world finding their entertainment on Netflix,” Hastings said. “And the three of us have been working together for 15 years trying to figure out how to get through this issue, that issue, and how to grow. I couldn’t be happier to complete our succession process.”
Also, Bela Bajaria has been upped to chief content officer, and Scott Stuber has become chairman of Netflix Film.
"Bela and Scott are outstanding creative executives with proven track records at Netflix," Sarandos added. "In 2022, we premiered many of our most popular series and films in Netflix history, including Wednesday, Glass Onion: A Knives Out Mystery, Purple Hearts, Monster: The Jeffrey Dahmer Story, The Adam Project and Harry & Meghan — a testament to their leadership and creativity. I couldn’t be more excited to work alongside them as we seek to delight audiences for years to come.” ■
