Netflix founder Reed Hastings is stepping down from his CEO role

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Netflix co-founder and CEO Reed Hastings is in Sydney to meet with executives from other subscription streaming services February 25, 2022.

Walter Peeters | Fairfax Media | Getty Images

Netflix founder Reed Hastings is stepping down from his CEO role but will stay on as chairman, the company announced Thursday alongside its earnings report.

Co-CEO Ted Sarandos will remain in his position. Greg Peters, most recently chief operating officer, will assume the role of co-CEO in Hastings’ place. Peters will also join the company’s board.

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“I want to thank Reed for his visionary leadership, mentorship and friendship over the past 20 years. We have all learned so much from his intellectual rigor, honesty and willingness to take big bets – and we look forward to working with him for many more years to come.” to work together.” more years to come,” Sarandos said in a written statement.

Hastings co-founded Netflix in 1997. Sarandos was promoted to co-CEO alongside Hastings in July 2020, at the same time as Peters was appointed to his role as COO. The company has not specified whether it will fill the role of COO.

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Hastings tweeted on Thursday that he intends to stay on as executive chairman “many many more years.” He’s leaving the helm as the streaming giant tries various pivots to boost subscribers and recover after its business slump in recent quarters.

Hastings wrote in a blog post Thursday that the span of the past two and a half years has been “a baptism of fire given COVID and the recent challenges within our business.”

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The executive shakeup will also mean that Bela Bajaria, who served as the company’s global head of television, will act as chief content officer. Scott Stuber, who was previously the head of global film, will serve as chairman of Netflix Film.

The announcement of the succession comes along with the company’s fourth-quarter earnings report. Netflix matched Wall Street’s revenue expectations and placed millions more subscribers than expected.

Correction: Netflix was founded in 1997. An earlier version of this story misrepresented the year in some cases.