After leading the company for two decades, he will now assume the presidency, while the day-to-day running of the streaming platform remains in the hands of two co-executive directors
Netflix co-founder Reed Hastings announced this Thursday that he is stepping down from his position as CEO of the well-known streaming platform after 24 years directly responsible for controls to transition to the position of executive president at the company, where he will take on other tasks far from day to day. Hastings himself, 62, pointed out that his two partners, Ted Sarandos and Greg Peters, will now hold the CEO position of Netflix, for which it will be divided into two similar positions.
Ted and Greg are now co-CEOs. After 15 years together, we have great shorthand and I have great confidence in his leadership. Twice the heart, twice the capacity to satisfy members and accelerate growth. Proud to be CEO for many years,” Hastings said in a social media post.
In a statement, Hastings also explained that Netflix’s board of directors “has been discussing succession planning for many years.” As part of that process, he and Sarandos were promoted in July 2020 and Peters was promoted to COO.
“Both have handled themselves incredibly well, with Netflix continuing to improve and developing a clear path to accelerate our revenue and profit growth again. The board and I believe the time is right to finalize my succession,” said the company’s current president.
The platform’s CEO to date has shown confidence in his replacement due to “his qualities, combined with his complementary skills, his deep knowledge of entertainment and technology”, in addition to his proven trajectories on Netflix. In his opinion, this creates “a unique opportunity to work with them to generate faster growth and more long-term success”.
In addition, the platform’s board of directors has also appointed Bela Bajaria as Director of Content and Scott Stuber, President of Netflix Film. “It’s been great to see the tremendous progress we’ve made in television and film under his leadership,” said Hastings. “We enter 2023 with renewed momentum as a company and a clear path to accelerate our growth once again,” he concluded his message with a clear reference to the challenge of his daily struggle in a market as competitive as television viewing and subscriptions .
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
