The executive will remain with the company as Chairman, while Greg Peters will assume the position of co-CEO along with Ted Sarandos.
Reed Hastings announced that he will step down as co-executive CEO of Netflix. The executive will remain with the company as Chairman, while Greg Peters will assume the role of executive co-CEO along with Ted Sarandos.
In a letter to shareholders, Hastings said:
“Our board has been discussing succession planning for many years. As part of that process, we promoted Ted to co-CEO with me in July 2020, and Greg to COO, and I’ve increasingly delegated management of Netflix to them over the past two and a half years. The board and I believe the time is right to complete my succession.”
“For my part, I will help Greg and Ted and, like any good president, I will be a bridge between the board of directors and our executive co-CEOs. I will also spend more time on philanthropy and remain very focused on Netflix stock.”
The executive also revealed that the company has named Bela Bajaria as Chief Content Officer and Scott Stuber as President of Netflix Film.
“We enter 2023 with renewed momentum as a company and a clear path to accelerate our growth again. I am delighted with the leadership of Ted and Greg, and their ability to make the next 25 years even better than the first. Here is the next chapter for Netflix and our leadership,” he concluded.
Netflix adds 7.6 million subscribers
Netflix also presented its fourth-quarter 2022 earnings, disclosing financial performance for the three-month period during which the platform’s most affordable and ad-supported plan was launched.
OTT added 7.66 million net new subscribers in the fourth quarter, compared to its own estimate of 4.5 million additions.
And Netflix ended 2022 with 230.75 million worldwide, surpassing its previous target of 227.59 million. That represents 4% year-over-year growth in total subscribers, with an increase of 910,000 paid members in the US and Canada, 3.2 million across Europe, the Middle East and Africa, 1.76 million in Latin America and 1.8 million in the Asia-Pacific region.