Netflix Co-Founder Reed Hastings Steps Down as CEO: ‘It’s the Right Time’

There’s been a shakeup among Netflix’s top brass.

On Thursday afternoon, company co-founder Reed Hastings revealed he was stepping down as co-CEO—a position he’s held since Netflix’s inception more than two decades ago. Hastings announced departure in a lengthy blog post, confirming former COO Greg Peters would take over the role alongside Ted Sarandos.

“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,” wroite Hastings, who launched the service in 1997 alongside Marc Randolph. “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.”

He 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 also announced Netflix’s former head of global TV Bela Bajaria has been appointed as chief content officer; while head of global films, Scott Stuber, has been named the chairman of Netflix Film.

The announcements came as the streaming giant announced its fourth quarter earnings. Market Watch reports the company added 7.7 million subscriptions during the previous quarter, about 4.5 million more than what was expected. Netflix also posted revenue of $7.85 billion in the last three months of 2023, a slight increase from what it reported a year ago.