Almost after 20 years of co-founding Netflix, CEO Reed Hastings has resigned from his role. On Netflix website, in the blog post, Hastings informed about the board’s plan to find his successor from quite some time.
In 2020, Ted Sarandos was promoted as Netflix co-CEO. Now COO Greg Peters will take up the position as co-CEO. Meanwhile, Hastings will occupy the role of Netflix executive chairman. On new role assignments of Peters and Sarandos and his role change, Hastings said, “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.”
On questioning the need for appointing for co-CEOs by reputed tech website gadgets now, Hastings answered “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.”
Sarandos’s contribution in the expansion of Netflix into films, animations, unscripted content and international originals is remarkable. While, peters has worked hand in hand for Netflix’s building, partnerships, launching advertising and many other initiatives as a key figure.
Hastings, on his new beginning, said, “For myself, 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.”
