Netflix replaces founder Reed Hastings with new co-CEO
Jenny Goldsberry
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The streaming platform Netflix shuffled its leadership by removing Reed Hastings as co-CEO and making him executive chairman instead.
Hastings had served as CEO from the start of the company 25 years ago. Ted Sarandos joined him as co-CEO in 2020, with Greg Peters becoming the chief operating officer. Now, Sarandos and Peters will be the new co-CEOs after working with the company for 15 years.
“After 15 years together we have a great shorthand & I’m so confident in their leadership,” Hastings tweeted of the new co-CEOs Thursday. “Twice the heart, double the ability to please members & accelerate growth. Proud to serve as Executive Chairman for many years to come.”
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Sarandos was credited by Hastings for expanding the platform’s international originals, animation, and unscripted content. Peters launched advertising on the platform and rebuilt the talent organization, according to Hastings. Now, the former CEO described his new role as “a bridge from the board to our co-CEOs” in a statement.
“I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well,” Hastings explained.
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Netflix also announced Bela Bajaria was made chief content officer and Scott Stuber chairman of Netflix Film. It is not clear who will replace Peters as COO.