Netflix names Greg Peters co-CEO as Reed Hastings becomes executive chairman

Netflix announced on January 19 that Greg Peters is joining Ted Sarandos as co-CEO, with co-founder Reed Hastings moving to executive chairman. Peters had been chief operating officer.

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Hastings described the handover as completing a succession process that included naming Sarandos co-CEO in July 2020. He said he would support the two executives and serve as a link to the board. Company announcement.

There is a distinction between the announcement and the appointments: Netflix’s January 19 regulatory filing says Hastings became executive chairman and resigned as co-CEO and president on January 13. Peters’ appointments as co-CEO and a director also took effect January 13. Hastings remains an employee. Regulatory filing.

The transition comes alongside fourth-quarter results showing 7.7 million paid net additions, above the company’s 4.5 million forecast. Netflix ended 2022 with about 231 million paid memberships.

The company said it expected a wider paid-sharing rollout later in the first quarter of 2023. That remains a plan, not a completed launch. Shareholder letter.