Greg Peters has been promoted to co-CEO alongside Ted Sarandos, with Bela Bajaria and Scott Stuber also being promoted.
Netflix co-founder Reed Hastings has stepped down from his role as the CEO and appointed a new CEO.
As part of the succession, COO Greg Peters will become co-CEO alongside Ted Sarandos, who has held that title since July 2020.
The news about his resignation comes around the same time Netflix announced a subscription gain.
The company added 7.66m subscribers in Q4 2022, topping the 4.5m average estimate of Wall Street analysts. Revenue, at $7.85bn, was in line with estimates. Net income during the quarter ending on December 31 fell to $55m or 12 cents per share, from $607m or $1.33 per share a year earlier.
Total sales jumped by nearly 2% from a year ago to more than $7.85bn in the last quarter, meeting analyst expectations.
In a statement, Reed Hastings said: “I’m so proud of our first 25 years, and so excited about our next quarter of a century. We can do so much more to better entertain the world and deliver more joy to our members.
“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 two-and-a-half 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.”
He added: “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.
“Ted and Greg have developed great trust and respect for each other through their collective successes and failures. In addition, they can always be relied upon to put Netflix’s interests first. These qualities — combined with their complementary skill sets, deep knowledge of entertainment and technology, and proven track record at Netflix — create a unique opportunity to deliver faster growth and greater success long-term with them as co-CEOs.
“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.
“Also, today, we have made Bela Bajaria Chief Content Officer and Scott Stuber Chairman of Netflix Film. It’s been amazing to see the enormous strides we’ve made across TV and film under their leadership.
“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.”
