Netflix Touts the Co-CEO Model – But Are 2 Heads Truly Better Than One?

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“Finding two CEOs who are exceptionally good and share the burden of decision making on a 50-50 basis in all areas is almost impossible,” one expert says

Netflix Co-Ceos
From Left, Netflix chairman Reed Hastings and Co-CEOs Ted Sarandos and Greg Peters.

Netflix has long touted the benefits of its co-CEO model, which saw Reed Hastings and Ted Sarandos working side by side under the title from July 2020 until last month.

But now that Hastings has stepped back from his co-CEO duties and handed over the reins to Ted Sarandos and Greg Peters, newly elevated from the chief operating officer role, the question remains: Are two CEOs truly better than one?

Between Sarandos’ appointment as co-CEO on July 16, 2020, and Peters’ appointment on Jan. 19, 2023, Netflix’s stock price has fallen 40% — largely due to the COVID-19 streaming boom ending, two consecutive quarters of Netflix subscriber declines in April and July, and overall weakness in tech stocks.