Netflix Co-Founder Exits Company as Co-CEO

Reed Hastings, one of the co-founders of Netflix, is stepping down from his position as co-CEO of the streaming company. Netflix made the announcement during its earnings call today. Hastings has helped lead Netflix for over two decades, and instead of being a co-CEO he is taking on the role of Executive Chairman, a move Hastings compared to other founders such as Jeff Bezos and Bill Gates. The title of co-CEO of Netflix will now be held by Ted Sarandos and the just-promoted Greg Peters, who previously served as Chief Operating Officer.

"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," Reed Hastings said in a blog post. "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."

Hastings continued, "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."

Hastings went on to say that instead of helping to be the public face of Netflix, he will now dedicate his time to philanthropy, while also keeping a close eye on Netflix stock. 

Other changes at Netflix include the promotion of Bela Bajaria to Chief Content Officer and Scott Stuber to Chairman of Netflix Film, respectively.

Netflix Wins With Wednesday and Glass Onion

Netflix ended 2022 with 7.66 million subscribers in the final quarter, which is above the 4.5 million average that Wall Street analysts predicted. Some of that success can be attributed to Jenna Ortega's Wednesday, which is now the third most popular Netflix original series and renewed for a second season, and the release of Rian Johnson's Glass Onion: A Knives Out Mystery, currently ranking as the streamer's fourth most popular movie. 

What do you think about the moves made by Netflix today? Let us know your thoughts in the comments.