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Ridgewood NJ , Netflix founder and co-CEO Reed Hastings is stepping down after more than two decades at the company. The company has been planning its next era in leadership for years and appointed Ted Sarandos as co-CEO in 2020. Greg Peters, the company’s current COO, will be promoted to co-CEO. Hastings will remain with Netflix as executive chairman of the board.
The news came shortly before Netflix reported its fourth-quarter earnings. The company beat expectations in Q4, adding 7.7 million subscribers — well over the 4.5 million it anticipated. The company brought in $7.85 billion during the final quarter of 2022, extending its recent trend of slowing revenue growth.
In December , Netflix announced that the entertainment company will develop a state-of-the-art East Coast production facility on the former Fort Monmouth campus in Monmouth County, transforming a property that has been largely vacant for more than a decade into an economic engine that is estimated to create more than 1,500 permanent production jobs and more than 3,500 construction-related jobs in New Jersey.
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