Reed Hastings, Netflix’s co-founder, has exited from the firm after 25 years.
In the announcement, Hastings said he would pivot to an executive chairman role.
Greg Peters and Ted Sarandos will now be serving as co-CEOs for Netflix.
“It was a baptism by fire, given COVID and recent challenges within our business. But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth,” Hastings explained.
“So the board and I believe it’s the right time to complete my succession.”
Additionally, Bela Bajaria has been appointed as chief content officer, and Scott Stuber is now chairman of Netflix Film.
Hastings’ exit comes months after the company acquired Spry Fox as its sixth game studio.
Since September 2021, the firm has acquired Oxenfree developer Night School Studio, Finnish mobile dev Next Games, and Dungeon Boss studio Boss Fight Entertainment. It has also opened studios in Finland and Southern California.
