Reed Hastings stepped down as Netflix co-CEO and president in January 2023, but he did not leave the company. He became executive chairman, while Greg Peters was promoted to co-CEO alongside Ted Sarandos. Netflix said the change completed a succession process it had been planning for years.
What changed at Netflix?
Netflix’s transition had three parts: Hastings left the co-CEO and president roles; he became executive chairman of the board; and then-chief operating officer Greg Peters became co-CEO with Sarandos. Peters also joined Netflix’s board. The company’s SEC filing says Hastings remained a Netflix employee in his new role.
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The change was effective January 13, 2023, according to the filing. Netflix announced it publicly on January 19, alongside its fourth-quarter 2022 shareholder communication. The two dates describe different steps, not conflicting accounts.
What did executive chairman mean for Hastings?
Hastings was no longer one of Netflix’s operating CEOs, but he remained connected to the company through its board. Sarandos and Peters became its co-CEOs and operating leaders. Executive chairman is a board role, not another name for chief executive officer; the title alone does not establish a fixed ranking over the CEOs.
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Hastings was a Netflix co-founder and its long-time chief executive. His move ended his day-to-day CEO tenure, not his immediate relationship with the company. Netflix’s 2026 proxy statement later identified him as chairman of the board.
Who led Netflix after Hastings stepped down?
| Leader | Role after the transition | Relevant context |
|---|---|---|
| Ted Sarandos | Co-CEO | Named co-CEO with Hastings in July 2020. |
| Greg Peters | Co-CEO | Promoted from chief operating officer in January 2023 and joined the board. |
| Reed Hastings | Executive chairman | Stepped down as co-CEO and president; remained a Netflix employee. |
The company had already adopted a co-CEO structure in 2020, when Sarandos joined Hastings in the role. Peters’ promotion therefore continued that model rather than replacing it with a sole CEO. Netflix’s leadership page records Sarandos’ co-CEO start in July 2020.
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Why did Hastings step down?
Netflix described the change as the planned completion of a succession process. Hastings said the board had discussed succession for years and that he had increasingly delegated management responsibilities to Sarandos and Peters during the preceding two and a half years. The company pointed to confidence in both leaders and their complementary experience: Sarandos in entertainment and content, and Peters in technology, product, and operations. The announcement presents this as a planned handover, not a forced departure or a response to a specified personal issue.
Why keep two co-CEOs?
Netflix said shared leadership brought complementary expertise and continuity to the top of the company. Its 2023 proxy statement described the arrangement as unconventional while defending it as an effective structure for Netflix.
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A co-CEO model also raises a governance question: when authority is shared, investors may wonder who has final accountability or how disagreements are resolved. That is a general trade-off to consider, not evidence that Netflix’s structure caused a specific problem. The company had operated with two CEOs since 2020, giving the 2023 transition continuity rather than introducing shared leadership for the first time.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What was happening at Netflix at the time?
The announcement came as Netflix faced slower growth and stronger competition in streaming, while pursuing initiatives such as advertising and tighter controls on account sharing. Those circumstances help explain the business environment, but the company attributed Hastings’ transition to succession planning. The announcement does not establish that a particular result or initiative caused him to step down.
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For investors, the essential distinction is between a change in operating leadership and a departure from the company: Hastings left the CEO role, Peters joined Sarandos as co-CEO, and Hastings took a board leadership position.
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