Netflix Shocker: Reed Hastings to Exit Co-CEO Role, Will Remain as Executive Chairman

Reed Hastings, who co-founded Netflix and led Hollywood’s charge into streaming-first strategy over the past decade, is exiting his role as co-CEO of the media giant but will stay on as executive chairman, the company said Thursday.

As part of the succession, COO Greg Peters will become co-CEO alongside Ted Sarandos, who has held that title since July 2020. In a statement, Hastings said the plan has been in the works for some time, since the elevation of Sarandos and Peters two and a half years ago.

“It was a baptism by fire, given COVID and recent challenges within our business,” Hastings wrote in a post on Netflix’s site. “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.”

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