Reed Hastings announced his resignation as co-CEO of Netflix and will now serve as an executive chairman.

Greg Peters will step up from Chief Operating Officer to become Ted Sarandos’ co-CEO, Hastings announced in a blog post.

In July 2020, the company promoted Sarandos to co-CEO alongside Hastings, and Peters to Chief Operating Officer, IANS reported from New Delhi.

“I’m very proud of our first 25 years and very excited about our next quarter-century,” Hastings said.

“Ted, Greg, and I have worked closely together in various capacities for the past 15 years,” he added.

Furthermore, he announced the appointment of Bela Bajaria as Chief Content Officer and Scott Stuber as Chairman of Netflix Film.

According to Hastings, both the current co-CEOs “can always be relied upon to put Netflix’s interests first”.

“As for myself, I’ll be assisting Greg and Ted and, like any good Chairman, acting as a link between the board and our co-CEOs. “I’ll also devote more time to philanthropy and will continue to be very focused on Netflix stock performing well,” Hastings said.

“We start 2023 with renewed momentum as a company and a clear path to reaccelerate our growth. I’m thrilled about Ted and Greg’s leadership, and their ability to make the next 25 years even better than the first,” he added.