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Reed Hastings steps down as Netflix co-CEO, Greg Peters to take charge

Reed Hastings steps down as Netflix co-CEO, Greg Peters to take charge
Netflix added 7.66 million subscribers in the fourth quarter of 2022.

 

Netflix founder and co-chief executive officer Reed Hastings announced to step down from the post. The streaming platform’s Chief Operating Officer Greg Peters will step up as co-CEO.

 

Netflix promoted Ted Sarandos as co-CEO Peters Chief Operating Officer in July 2020, a challenging time for the company.

 

“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,” Hastings said in a blog.

 

 

“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. So the board and I believe it’s the right time to complete my succession,” he added.

 

The company also announced that Bela Bajaria will be appointed as the Chief Content Officer and Scott Stuber will be made Chairman of Netflix Film.

 

The OTT platform reported a fall in customer base in the first half of 2022 for the first time. According to a Reuters report, Netflix added 7.66 million subscribers in the fourth quarter of 2022, beating Wall Street forecasts of 4.57 million. The success of “Harry & Meghan” and “Wednesday” were key shows that attracted viewers to the OTT platform. Even though the company returned to growth in the second half, the pace of customer addition stayed low.

 

Netflix even introduced its ad-supported subscription plan in a dozen of counties. These include the United States, Australia, Brazil, France, Germany, Italy, Japan, Korea, Mexico, Spain, and the United Kingdom for $ 6.99 whereas in Canada for $5.99.

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