Netflix names Ted Sarandos as co-CEO, Greg Peters as COO
Sarandos will function alongside co-founder and CEO Reed Hastings
Ted Sarandos, the longtime Chief Content Officer at Netflix, has been named co-CEO alongside co-founder and CEO Reed Hastings. The company made the announcement in its second-quarter earnings release.
Hastings said that Sarandos has also been elected to Netflix's board of directors and will continue to function as the company's Chief Content Officer.
Netflix has also appointed Greg Peters as its Chief Operating officer, in addition to being Chief Product Officer.
Hastings commented on Sarandos Appointment: "Ted’s been instrumental to our success as a company. While I saw streaming coming and pushed for it, Ted drove the revolution in our content strategy, which was way ahead of its time and has been key to our continued success. It was typical of his ability to see where the industry - and consumer tastes - are headed. He’s built an extraordinary team, attracting some of the most creative and best entertainment executives from all around the world.
"Greg’s appointment as Chief Operating Officer reflects the strategic and analytical strengths he’s brought to our product team over the past 10 years. As we’ve grown, one of my biggest roles at Netflix has been to be broad across the company, getting to know many different people in every area of our business. This has helped Netflix stay mostly aligned, loosely coupled and very productive. In his new role, I want Greg to take on more of this work so that we continue to improve rapidly. Eventually he needs to know every corner of Netflix better than I do today," he wrote about Peters.
"In terms of the day-to-day running of Netflix, I do not expect much to change. Our key executive leadership groups are unchanged. So think of Ted's well-deserved promotion formalizing how we already run the business today."
"I’ve also been tremendously fortunate in the teams we’ve built at Netflix, as we’ve reinvented ourselves again and again to meet our members’ needs: from DVD to streaming, from licensing to originals, from series to film and from US to local language stories told by creators all around the world. My journey to co-CEO of Netflix has been as a fan of great entertainment. And that's my commitment to Netflix members going forward: to keep pushing the boundaries of what a consumer-first company can achieve for people who love stories," wrote Sarandos.
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