Going out on top: Netflix founder Reed Hastings QUITS – but will stay on as executive chairman – and COO Greg Peters, who piloted streaming, takes the reigns as co-CEO
- Hastings, who spearheaded Hollywood’s steaming-first revolution, is moving upstairs while Ted Sarandos and Greg Peters are now the new co-CEOs
- In a statement, Hastings, 62, said: ‘I’m so proud of our first 25 years, and so excited about our next quarter of a century’
- The announcement came as Netflix revealed it added a whopping 7.66m new subscribers during Q4 after launching its cheaper ad-supported membership
Netflix founder Reed Hastings dramatically quit as co-CEO Thursday – going out on top after adding more than 7 million new subscribers with its lower-cost ad-supported tier.
Hastings, who spearheaded Hollywood’s steaming-first revolution, is moving upstairs as executive chairman while Ted Sarandos and Greg Peters are now the new co-CEOs.
Peters, who piloted the move from DVDs to streaming, has reportedly been groomed for the role by Hastings for many years and handed increasing power over the last few years.
In a statement, Hastings, 62, said: ‘I’m so proud of our first 25 years, and so excited about our next quarter of a century. We can do so much more to better entertain the world and deliver more joy to our members.’
The announcement came as Netflix revealed it added a whopping 7.66m new subscribers during the fourth quarter of 2022 after launching its cheaper ad-supported membership tier.
Reed Hastings, co-CEO of Netflix, participates in the Milken Institute Global Conference on October 18, 2021 in Beverly Hills, California
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