One of the people who pushed the narrative on streaming in entertainment is stepping down. Reed Hastings, co-CEO of Netflix, has announced that he’ll be stepping down but will stay on as executive chairman. COO Greg Peters will become co-CEO alongside Ted Sarandos. In a statement, Hastings said that the plan has been in the works for a while now, since the elevation of Sarandos and Peters two years ago.

It was a baptism by fire, given COVID and recent challenges within our business. But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth. So the board and I believe it’s the right time to complete my succession.

Peters has been taking on more responsibilities at the company and has three top priorities, launching the advertising tier, gaming efforts, and cracking down on password sharing. In addition, Bela Bajaria has been promoted to Netflix’s Chief Content Officer, and Scott Stuber has been named chairman of Netflix Film.

Hastings began at Netflix in 1997 and has overseen every major strategic maneuver the company has made. He pushed to go into streaming after the DVD rental business was already wildly successful. Hastings is also responsible for the company’s unique corporate structure and culture.

It’s a new era for Netflix, with some new leaders bringing them into it.

For more on TV News, make sure to check back to That Hashtag Show.

Keep Reading:

Netflix Reveals 2023 Film Slate, Including Rebel Moon, Heart of Stone, Murder Mystery 2