Reed Hastings passes the baton to Ted Sarandos and Greg Peters on Netflix

After 25 years at the head of Netflix, Reed Hastings has decided to leave his position as CEO to become executive president of the company. He will be succeeded by Ted Sarandos and Greg Peters.

In an open letter, Hastings He confesses that this “succession” had been planned for several years. The first of these movements was the rise of Ted Sarandos to co-CEO of the company, as well as the appointment of Greg Peters as director of operations. Now, after two and a half years in which they have led the platform hand in hand with Hastings, both will occupy the role of CEO: “Both have done incredibly well, ensuring Netflix continues to improve and develop a clear path to once again accelerate our revenue and profit growth.” This transition comes at a key moment for Netflix, marked by the arrival of advertising plans for the platform, a stagnant growth, the increasingly intense competition of models AVOD y FAST, the controversy over series cancellations and the imminent arrival of end of shared accounts, which will be launched in the first quarter of the year.

In his new stage at Netflix, Hastings will occupy the role of executive president, “a role that founders often assume (Jeff Bezos, Bill Gates, etc.) after passing the CEO baton to others.” His executive role will serve as a bridge between the board of directors and the management work of Sarandos y Peters, who will put to use “their deep knowledge of entertainment and technology, and their proven track record at Netflix.” Hastings exemplifies the experience of Sarandos in its “ability” to bet on original programming, international originals and non-fiction bets. On the other hand, Peters has played a “decisive role” in driving partnerships, creating and driving advertising plans, rebuilding the talent organization and strengthening Netflix's corporate culture.

The change at the top of Netflix has been accompanied by two appointments: White Market becomes content director of the platform, while Scott Stuber will occupy the position of president of Netflix's film division.

"We enter 2023 with renewed momentum as a company and a clear path to accelerate our growth. I am excited about Ted and Greg's leadership, and their ability to make the next 25 years even better than the first. Here's to the next chapter for Netflix and our leadership," Hastings concludes.