The executive will remain with the company as Executive Chairman, while Greg Peters takes over as co-Ceo alongside Ted Sarandos.
This Thursday, Reed Hastings announced he is stepping down as co-CEO of Netflix.
The executive will remain with the company as Executive Chairman, while Greg Peters takes over as co-Ceo alongside Ted Sarandos.
In a letter to shareholders, Hastings said:
“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”.
“For myself, I’ll be helping Greg and Ted, and, like any good Chairman, be a bridge from the board to our co-CEOs. I’ll also be spending more time on philanthropy, and remain very focused on Netflix stock doing well”.
The executive also revealed the company named Bela Bajaria Chief Content Officer and Scott Stuber Chairman of Netflix Film.
“We start 2023 with renewed momentum as a company and a clear path to reaccelerate our growth. I’m thrilled about Ted and Greg’s leadership, and their ability to make the next 25 years even better than the first. Here’s to the next chapter of Netflix and our leadership”, he concluded.
Netflix Adds 7.6 Million Subs
Netflix reported its fourth-quarter 2022 earnings Thursday, revealing financial performance for the three-month period during which the platform’s cheaper, ad-supported plan launched.
The streamer added 7.66 million net new subscribers in Q4, compared to its own estimation of 4.5 million additions.
And Netflix ended 2022 with 230.75 million worldwide, smashing its previous target of 227.59 million. That represents 4% year over year growth in total subs, with paid memberships rising by 910,000 in the U.S. and Canada, 3.2 million throughout Europe, the Middle East and Africa, 1.76 million in Latin America and 1.8 million in the Asia-Pacific region.
