Netflix has announced that their co-founder and co-CEO Read Hastings is stepping down as CEO, he will be replaced by Ted Sarandos and Greg Peters who will be co-CEOs.
Ted Sarandos has been co-CERO with Reed Hastings since July of 2020 and Greg Peters has been COO since July 2020.
Our board has been discussing succession planning for many years (even founders need to evolve!). As part of that process, we promoted Ted to co-CEO alongside me in July 2020, and Greg to Chief Operating Officer – and in the last 2½ years I’ve increasingly delegated the management of Netflix to them.
It was a baptism by fire, given COVID and recent challenges within our business. But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth. So the board and I believe it’s the right time to complete my succession.
Starting today, Greg Peters will step up from COO to become Ted’s co-CEO. 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. 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.
You can find out more details about the leadership changes at Netflix over at the company’s website at the link below.
Source Netflix
Image Credit: Netflix
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