On Tuesday, Dec. 3, Netflix co-founder and co-CEO Reed Hastings announced he will be stepping down from the role of co-CEO at the end of the year, giving the role to current Chief Product Officer, Greg Peters.
As one of the earliest players in the streaming game, Hastings was instrumental in helping Netflix become the worldwide streaming powerhouse it is today. Under his watch, Netflix has seen remarkable growth, going from 20 million subscribers in 2011 to over 200 million worldwide this year.
Hastings will remain on the board of directors after stepping down as co-CEO. Additionally, he’ll assist Peters in his new role as the top executive. In a letter to fans and shareholders, Hastings said the Netflix team is “in the best shape we’ve ever been” and that the company was ready for a “seamless transition of leadership” from himself to Peters.
“I’ll be next to him, a few steps away, serving in support,” Hastings wrote.
For those familiar with Netflix, the switch in leadership is not much of a surprise. In 2017, Hastings announced he would be transitioning away from day-to-day management roles and focusing his time on bigger-picture projects. Since then, he launched a new $100 million philanthropic fund to fight climate change, and he also serves on the board of several high-profile companies, such as Facebook and Dropbox.
Peters has been with Netflix since 2013 and is taking the reigns at a critical time in the streaming industry. With competitors like Disney+ and HBO Max entering the fray, the idea of a “streaming wars” has many wondering who will be the ultimate victor.
Hastings is confident Peters — who’s been leading the development of many consumer-focused products for the last nine years — is up to the challenge.
“Greg has tremendous product sense, strategic insight, and empathy for members,” Hastings wrote in the letter.
Under the new leadership, Netflix is expected to continue its reign in the streaming game, pushing for better product experiences for subscribers and pushing for a world where streaming is king.
