Netflix has undergone a bit of a management and structure change. As noted in the Q4 2022 financial report and an accompanying blog, the streaming service will now operate with co-CEOs, instead of just one man (Reed Hastings, former CEO and co-founder) handling the position.
As said in the documents, it will be Ted Sarandos and Greg Peters who will be teaming up and taking over the role, with Peters being promoted from the COO role. It should be said that Hastings will not be leaving Netflix, but will rather be stepping down into an executive chairman position.
"I want to thank Reed for his visionary leadership, mentorship and friendship over the last 20 years," said Sarandos. "We've all learned so much from his intellectual rigor, honesty and willingness to take big bets - and we look forward to working with him for many more years to come."
Peters added, "I feel humbled and privileged to become co-CEO of Netflix. Ted and I have worked together for many years - building tremendous trust and respect for each other. We're also motivated by the same goal: a desire to better serve our members so that we can continue to grow our business."
In other Netflix staff changes, Bela Bajaria will be moving from head of global TV to the chief content officer, whereas Scott Stuber is now the chairman of Netflix Film.