Netflix’s Reed Hastings is stepping down from his role as Netflix CEO but will remain 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 replace Hastings as co-CEO. Peters will also join the company’s board.
“I want to thank Reid for his visionary leadership, advice and friendship over the past 20 years. We’ve all learned a lot from her intellectual rigor. Integrity and willingness to take big bets — and . we look forward to . Working with her for many more years,” 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 Peters was appointed to his COO position.
Hastings tweeted . Thursday that he plans to remain as executive chairman “for many years to come.” He leaves the helm as the company attempts . A variety of pivots to grow customers and rebound after . Its business declined in recent quarters.
The executive shakeup will also see . Bela Bazaria, who served as the company’s global head of television. Promoted to chief content officer. Scott Stuber, before head of global film, will step down as chairman of Netflix Films.
The legacy announcement comes alongside the company’s fourth-quarter earnings report. The streaming company matched Wall Street’s revenue expectations and added . Millions more subscribers than expected. Netflix
The legacy announcement comes alongside the company’s fourth-quarter earnings report.