Netflix's co-founder Reed Hastings is leaving his co-CEO role and will stay on as executive chairman. Greg Peters, chief operating officer, has been promoted to co-CEO and will share that title with Ted Sarandos.
Reed Hastings is stepping aside as co-chief executive of Netflix, the streaming giant said Thursday, in a significant leadership change that the company says completes its succession plan.
“[Hastings] leaves some big shoes for Greg and I to fill,” Sarandos said in a recorded interview to discuss earnings. “Fortunately, we have four feet to do it with.”In a blog post, Hastings said he has increasingly delegated management of Netflix to Peters and Sarandos over the last 2½ years. Netflix said in a letter to shareholders that the transition “makes formal externally how we have been operating internally.
The company reported slower revenue growth Thursday for its most recent quarter as streaming services look to trim costs amid a possible looming recession and the company takes steps to accelerate its business by rolling out a cheaper ad-supported plan and charging customers for password sharing.
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