Netflix co-founder Reed Hastings is stepping down as chief executive of the streaming video pioneer but will remain at the company as executive chairman, according to Reuters report.
Greg Peters, who was serving as chief operating officer and chief product officer, will become co-CEO alongside Ted Sarandos, Hastings said in a blog post.
Hastings said he had been increasingly delegating management to Peters and Sarandos for more than two years. Sarandos was elevated to co-CEO in July 2020.
“It was a baptism by fire, given COVID and recent challenges within our business,” Hastings wrote. “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.
Hastings, 62, said he planned to work with Sarandos and Hastings as executive chairman for “many years to come.”
Netflix also promoted Bela Bajaria to chief content officer.
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