5 ms·

Netflix co-founder Reed Hastings to step down from co-CEO

87 points by pcbro141 4y ago

__derek__ 4y ago
Summarizing: * Hastings: Co-CEO/Chairman => Executive Chairman * Ted Sarandos: Co-CEO + board member => Co-CEO + board member * Greg Peters: COO => Co-CEO + board member [1]: https://about.netflix.com/en/news/ted-sarandos-greg-peters-co-ceos-netflix https://about.netflix.com/en/news/ted-sarandos-greg-peters-c...
- photonbeam 4y ago
  How do ‘co-ceo’ positions work?
  - thrusong 4y ago
    I don't think you're going to find a one-size-fits-all model, but there's probably some higher marching orders, probably from the board. Then, the CEO's either have separate portfolios of what they oversee OR they have to be in agreement about how they're going to achieve the vision bestowed upon them.
  - __derek__ 4y ago
    I don't know. But it looks like they basically have distinct roles: media company CEO for Sarandos and tech/product company CEO for Hastings/Peters. A little bit Hollywood, a little bit Silicon Valley.
    - hrunt 4y ago
      I was a co-CTO for a small technology company. Having separate distinct roles is what made it work for us. Downstream, the roles are treated with equal authority and responsibility. Upstream (to the CEO in our case, to the board in Netflix's case), the roles have distinct areas of accountability and weight. And similar to Netflix, our company had co-CTOs because we were mixing two different technology strategies for our software portfolio. The only awkward part was when leadership lost any confidence in one of the pair.
  - dilyevsky 4y ago
    It really doesn’t
  - bobkazamakis 4y ago
    like having two popes.
dredmorbius 4y ago
4Q22 financials w/ announcement: <https://s22.q4cdn.com/959853165/files/doc_financials/2022/q4/FINAL-Q4-22-Shareholder-Letter.pdf https://s22.q4cdn.com/959853165/files/doc_financials/2022/q4...> Netflix announcement: <https://about.netflix.com/en/news/ted-sarandos-greg-peters-co-ceos-netflix https://about.netflix.com/en/news/ted-sarandos-greg-peters-c...> (From slightly later HN submissions.)
autokad 4y ago
the earnings report was interesting. HUGE beat on subscribers (7.66m vs 4.57m exp), yet missed on revenue (7.85b vs 7.9b expected). if we are heading into a recession like many expect (if not in one already), then companies will cut back on ads, so it will be a challenging time to implement that new strategy.
- i_am_jl 4y ago
  I'm curious how many of those 7.66m created an account, binged a few target shows, then cancelled when they'd watched what they wanted to watch. It's become a more common tactic in my circles, and it could explain the mismatch between hitting revenue and subscriber targets.
  - ar_lan 4y ago
    You know - I do this too, but I've suggested it to so many people and they simply don't/won't do it. Usually it comes down to either of the following: * They forget, and then retain a monthly subscription charge. * They end up watching some small thing casually and it just remains forever. The first point, especially, is a big part in why subscriptions work, I believe. Hell, it's definitely why Crunch Fitness is still in business (because they make it impossibly hard to cancel). This is totally anecdotal, but I'm curious how many people actually set out to sign up, binge, and then immediately cancel. Also - an aside. I'm pretty fed up w/ services that charge a monthly subscription, and make it totally unclear what happens when you cancel. Some completely shut you off immediately (which is just about the scummiest thing ever, since you... paid for the month already). Others let you finish out your month. This is super anti-consumer IMHO.
    - danaris 4y ago
      I do this with some other services (particularly Hulu), but retain my Netflix subscription because there's (almost) always at least some shows/movies that I want to be watching on there every month.
    - viewtransform 4y ago
derN3rd 4y ago
Without paywall: https://archive.ph/QpFcm https://archive.ph/QpFcm
parasti 4y ago
I was a subscriber for a number of years, but can't really justify giving them money when most of their shows are poorly written, stumble along for a season and then get quickly cancelled due to, surprise, low viewership. Even when every star aligns for them to create a great show, they manage to turn it into an unwatchable disaster - see the handling of The Witcher.
f0e4c2f7 4y ago
Seems like some other CEOs may have recently departed over layoff disagreements with the board. I wonder if this is a sign of upcoming Netflix layoffs.
bigB 4y ago
Looks like he is getting out before the Sh!t hits the fan. As soon as they begin stopping password sharing im out and know many others that will follow. Its surprising the amount of people are only hanging onto it because their family share passwords with them and they feel guilty if they cancel....that will all go away if they stop it , and so will many subscribers

87 points by pcbro141 4y ago

Summarizing: * Hastings: Co-CEO/Chairman => Executive Chairman * Ted Sarandos: Co-CEO + board member => Co-CEO + board member * Greg Peters: COO => Co-CEO + board member [1]: https://about.netflix.com/en/news/ted-sarandos-greg-peters-co-ceos-netflix https://about.netflix.com/en/news/ted-sarandos-greg-peters-c...

photonbeam 4y ago
How do ‘co-ceo’ positions work?
- thrusong 4y ago
  I don't think you're going to find a one-size-fits-all model, but there's probably some higher marching orders, probably from the board. Then, the CEO's either have separate portfolios of what they oversee OR they have to be in agreement about how they're going to achieve the vision bestowed upon them.
- __derek__ 4y ago
  I don't know. But it looks like they basically have distinct roles: media company CEO for Sarandos and tech/product company CEO for Hastings/Peters. A little bit Hollywood, a little bit Silicon Valley.
  - hrunt 4y ago
    I was a co-CTO for a small technology company. Having separate distinct roles is what made it work for us. Downstream, the roles are treated with equal authority and responsibility. Upstream (to the CEO in our case, to the board in Netflix's case), the roles have distinct areas of accountability and weight. And similar to Netflix, our company had co-CTOs because we were mixing two different technology strategies for our software portfolio. The only awkward part was when leadership lost any confidence in one of the pair.
- dilyevsky 4y ago
  It really doesn’t
- bobkazamakis 4y ago
  like having two popes.

dredmorbius 4y ago

4Q22 financials w/ announcement: <https://s22.q4cdn.com/959853165/files/doc_financials/2022/q4/FINAL-Q4-22-Shareholder-Letter.pdf https://s22.q4cdn.com/959853165/files/doc_financials/2022/q4...> Netflix announcement: <https://about.netflix.com/en/news/ted-sarandos-greg-peters-co-ceos-netflix https://about.netflix.com/en/news/ted-sarandos-greg-peters-c...> (From slightly later HN submissions.)

autokad 4y ago

the earnings report was interesting. HUGE beat on subscribers (7.66m vs 4.57m exp), yet missed on revenue (7.85b vs 7.9b expected). if we are heading into a recession like many expect (if not in one already), then companies will cut back on ads, so it will be a challenging time to implement that new strategy.

i_am_jl 4y ago
I'm curious how many of those 7.66m created an account, binged a few target shows, then cancelled when they'd watched what they wanted to watch. It's become a more common tactic in my circles, and it could explain the mismatch between hitting revenue and subscriber targets.
- ar_lan 4y ago
  You know - I do this too, but I've suggested it to so many people and they simply don't/won't do it. Usually it comes down to either of the following: * They forget, and then retain a monthly subscription charge. * They end up watching some small thing casually and it just remains forever. The first point, especially, is a big part in why subscriptions work, I believe. Hell, it's definitely why Crunch Fitness is still in business (because they make it impossibly hard to cancel). This is totally anecdotal, but I'm curious how many people actually set out to sign up, binge, and then immediately cancel. Also - an aside. I'm pretty fed up w/ services that charge a monthly subscription, and make it totally unclear what happens when you cancel. Some completely shut you off immediately (which is just about the scummiest thing ever, since you... paid for the month already). Others let you finish out your month. This is super anti-consumer IMHO.
  - danaris 4y ago
    I do this with some other services (particularly Hulu), but retain my Netflix subscription because there's (almost) always at least some shows/movies that I want to be watching on there every month.
  - viewtransform 4y ago

derN3rd 4y ago

Without paywall: https://archive.ph/QpFcm https://archive.ph/QpFcm

parasti 4y ago

I was a subscriber for a number of years, but can't really justify giving them money when most of their shows are poorly written, stumble along for a season and then get quickly cancelled due to, surprise, low viewership. Even when every star aligns for them to create a great show, they manage to turn it into an unwatchable disaster - see the handling of The Witcher.

f0e4c2f7 4y ago

Seems like some other CEOs may have recently departed over layoff disagreements with the board. I wonder if this is a sign of upcoming Netflix layoffs.

bigB 4y ago

Looks like he is getting out before the Sh!t hits the fan. As soon as they begin stopping password sharing im out and know many others that will follow. Its surprising the amount of people are only hanging onto it because their family share passwords with them and they feel guilty if they cancel....that will all go away if they stop it , and so will many subscribers