Netflix co-founder Reed Hastings has stepped down as co-CEO of the company after 25 years.
Greg Peters, the streaming giant's COO, will take over as co-CEO with Ted Sarandos.
As COO, Peters oversaw the launch of Netflix's new ad-supported tier and its expansion into Asia.
Netflix's co-founder Reed Hastings has stepped down as co-CEO of the media giant after nearly 25 years in the role.
Netflix's COO Greg Peters will step into the co-CEO role, joining Ted Sarandos, who has served as co-CEO since 2020, according to the company. Hastings will stay on as Netflix's executive chairman.
"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," Hastings said of Peters and Sarandos in a blog post announcing the change.
As COO, Peters was tasked with driving Netflix's push into advertising as the company bets on a cheaper ad-supported tier to grow its revenue.
Peters also led Netflix's expansion into Asia in 2015 and the company's push into gaming.
"I feel humbled and privileged to become co-CEO of Netflix. Ted and I have worked together for many years – building tremendous trust and respect for each other. We're also motivated by the same goal: a desire to better serve our members so that we can continue to grow our business," Peters said.
Hastings exits his post as co-chief of Netflix after the company added 7.66 million subscribers in the final quarter of 2022, far more than the 4.57 million that experts anticipated.
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