Netflix named Greg Peters as co-CEO of the streaming giant Thursday with Ted Sarandos as Reed Hastings takes on the role of executive chairman.
Peters, the company’s chief product and chief operating officer, will join Sarandos in the role he has held since 2020.
The news was announced along with the release of a fourth-quarter earnings report that showed Netflix bringing in $7.85 billion in revenue during the final quarter of 2022, a 2% increase from the fourth quarter of 2021.
Hastings tweeted that his confidence that “after 15 years together, we have a great shorthand and I am confident in their leadership. Twice the heart, double the ability to please members and accelerate growth. Proud to serve as Executive Chairman for many years to come.”
“Starting today,” Hastings elaborated in a prepared statement, “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.”
In the same statement, Hastings announced that Bela Bajaria would be the company’s chief content officer and that Scott Stuber would be the chairman of Netflix Film. “It’s been amazing to see the enormous strides we’ve made across TV and film under their leadership,” Hastings said.
Hastings is one of the founders of Netflix, and has helmed the company since its business model revolved around sending DVDs through the mail.
“In the last two and a half years, I’ve increasingly delegated the management of Netflix to them,” Hastings said in a statement, noting that Sarandos and Peters have dealt with the challenges of the pandemic and upheavals in the streaming industry. He added, “The board and I believe it’s right time to complete my succession.”
The news came on the heels of an earnings call whereby Netflix declared that it now had more than 231 million subscribers worldwide. Netflix ended 2022 with more subscribers than it had at the end of 2021, a relative milestone considering it began this year with its first quarterly subscription loss in over a decade.
