Netflix isn’t run like your typical Silicon Valley giant. If you’re looking for a single name to pin on the office door, you’re going to be disappointed. Or maybe just a little confused.
The short answer? Ted Sarandos and Greg Peters are currently the co-CEOs of Netflix.
It’s been this way since early 2023 when the company’s legendary co-founder, Reed Hastings, decided to officially hand over the keys. Most people still think of Hastings as the face of the company—and honestly, that makes sense. He spent 25 years building it from a DVD-by-mail service into a global verb. But these days, he’s shifted into a Chairman of the Board role, leaving the heavy lifting to his hand-picked successors.
Two Heads Are Better Than One?
Why have two CEOs? It sounds like a recipe for a corporate headache, but at Netflix, it’s a very intentional strategy.
The company basically split the job into two distinct worlds: the "Hollywood" side and the "Silicon Valley" side. Ted Sarandos is the content guy. He’s the one who spent years in a video store as a kid, developing a freakish intuition for what people actually want to watch on a Friday night. He’s the reason Stranger Things and Squid Game exist.
On the flip side, you’ve got Greg Peters.
Peters is the engineering and product mastermind. While Sarandos is worrying about scripts and star power, Peters is focused on the tech that makes sure your stream doesn't buffer. He’s also been the driving force behind the things fans... well, let’s say they have feelings about. Things like the password-sharing crackdown and the rollout of the ad-supported tier.
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The Reed Hastings Era vs. Now
Reed Hastings didn't just quit and disappear into the sunset. He’s still there as Chairman, acting as a bridge between the board and the co-CEOs. But his departure from the daily grind marked a massive shift in how the company operates.
In early 2025, Hastings actually stepped back further, moving from "Executive Chairman" to just "Chairman of the Board." This was a "natural evolution," according to the company. It signaled that Sarandos and Peters aren't just holding the fort—they are the ones calling the shots.
Who is Ted Sarandos? The Content King
Ted Sarandos didn't take the traditional Ivy League path to the C-suite. In fact, he famously dropped out of community college. His "MBA" was earned behind the counter of a video store in Arizona called Arizona Video Cassettes.
He joined Netflix way back in 2000 after meeting Hastings. At the time, Netflix was just a scrappy startup trying to survive the dot-com bubble. Sarandos was the one who pushed the company to stop just licensing other people's movies and start making their own. House of Cards was his big gamble, and it changed television forever.
Fast facts about Ted Sarandos:
- Background: Former video store clerk with an encyclopedic knowledge of film.
- Philosophy: He uses a mix of "70% data and 30% gut instinct."
- The Vibe: He’s the guy who goes to the Oscars and negotiates with Martin Scorsese.
Who is Greg Peters? The Logic Behind the Screen
If Sarandos is the "soul" of Netflix, Greg Peters is the "brain." He’s a veteran of the company, too, having joined in 2008. Before becoming co-CEO, he was the Chief Operating Officer and Chief Product Officer.
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You can thank (or blame) Peters for the way the Netflix app looks and feels. He was instrumental in building the personalization algorithms that keep you scrolling at 2:00 AM. More recently, he’s been tasked with finding new ways to make money, which led to the push into mobile gaming and live sports.
Honestly, his job is arguably harder right now. The "easy" growth of the 2010s is over. Peters has to figure out how to squeeze more revenue out of a market that’s already saturated with competitors like Disney+ and Max.
A Controversial Strategy: The Warner Bros. Move
Right now, the big talk in the industry is about Netflix’s aggressive moves under this duo. In early 2026, Sarandos has been making headlines for his comments regarding the potential acquisition of—or deep partnership with—Warner Bros. assets.
There’s been a lot of skepticism. Critics think Netflix is getting too big or losing its "disruptor" edge. Sarandos recently told the New York Times that critics are looking through a "narrow lens." He even committed to a 45-day theatrical window for certain films, which is a huge departure from Netflix’s old "streaming only" mantra. It shows that the current leadership isn't afraid to break the rules Reed Hastings originally wrote.
The Succession Plan That Actually Worked
Succession is usually messy. Just look at Disney or even the HBO show Succession. But Netflix pulled it off with surprisingly little drama.
They started the process years ago. Sarandos was promoted to co-CEO alongside Hastings in 2020. Then Peters was moved into the COO spot to see if he could handle the pressure. By the time Hastings actually stepped down in 2023, the transition felt less like a coup and more like a promotion.
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Why this matters to you
You might be wondering why you should care who is sitting in the big chair in Los Gatos. Well, the leadership dictates what you pay and what you watch.
- Pricing: Under Peters, expect more "ad-supported" tiers and perhaps fewer "unlimited" sharing options.
- Content: Under Sarandos, expect more massive, global hits like Squid Game and a bigger push into theatrical releases.
- New Tech: The company is doubling down on AI-driven personalization and gaming, areas where Peters has a lot of history.
What’s Next for the Netflix Leadership?
The dual-CEO model is currently being tested by a volatile economy and a shrinking pool of new subscribers. Sarandos and Peters have to prove they can innovate without the safety net of Reed Hastings.
So far, the stock market seems to be okay with it. They’ve managed to keep subscriber numbers climbing, even with the price hikes. But the real test will be how they handle the "streaming wars" as they enter the second half of the decade. They aren't just a tech company anymore; they are a legacy media giant that happens to have a really good app.
Takeaways for your next binge-watch:
- The CEO role is shared: It’s not a one-man show.
- Reed Hastings is still around: He’s the Chairman, but he’s not the boss.
- The focus is shifting: Expect more live events, games, and maybe even more movies in actual theaters.
If you’re tracking the business side of things, keep a close eye on their quarterly earnings reports. That’s where the "Silicon Valley" logic of Peters meets the "Hollywood" spending of Sarandos. It’s a fascinating balancing act that defines exactly what you’ll be watching next year.