One of streaming’s most influential figures is stepping away from the spotlight. Netflix co-creator Reed Hastings is stepping down as the company’s co-CEO. Ted Sarandos, who has been co-CEO since July 2020, will share the reins with newly promoted operations chief Greg Peters. The change takes effect today. Hastings says he’ll remain involved as Executive Chairman, serving as a “bridge” between the board of directors and the new CEOs.
The departing leader characterized the move as a long-expected transition. Sarandos and Peters have “increasingly” managed the company for the past two and a half years, Hastings says. This was merely the “right time” to implement a succession that has been in development for years, he adds. Sarandos is credited with leading Netflix’s move into original content, while Peters has been key to forming partnerships and helming the company’s push into gaming.
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