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Posted 19 January, 2023

NETFLIX INC appointed Greg Peters as new CEO

Nasdaq:NFLX appointed new Chief Executive Officer Greg Peters in a 8-K filed on 19 January, 2023.


  Also on January 13, 2023, Greg Peters, age 52, was appointed as co-Chief Executive Officer of the Company.  

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Overview of NETFLIX INC
Media/Entertainment • Broadcasting
Netflix, Inc. engages in providing entertainment services. It also offers activities for leisure time, entertainment video, video gaming, and other sources of entertainment. It operates through the United States and International geographic segments. The company was founded by Marc Randolph and Wilmot Reed Hastings on August 29, 1997 and is headquartered in Los Gatos, CA.
Market Cap
$424B
View Company Details
NETFLIX INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On January 13, 2023, Reed Hastings was appointed as Executive Chairman of the Board of Directors (the "Board") of the Company, effective immediately. At that time, Mr. Hastings resigned his role as co-Chief Executive Officer and President of the Company, but remains an employee of the Company in his new role as Executive Chairman. Also on January 13, 2023, Greg Peters, age 52, was appointed as co-Chief Executive Officer of the Company. Mr. Peters will serve as co-Chief Executive Officer with Ted Sarandos, the Company's co-Chief Executive Officer. Additionally, Mr. Peters has been appointed to the Board and will hold office as a Class I director. He has not yet been appointed to serve as a member of any Board committee. Both appointments were effective as of January 13, 2023. 


Biographical and other information about Mr. Peters can be found in the section of Netflix's 2022 Proxy Statement, filed with the Securities and Exchange Commission on April 22, 2022, entitled "Our Company-- Executive Officers-Greg Peters", which is incorporated by reference herein. Mr. Peters brings to the Board a deep understanding of the Company's business, including its technology and worldwide operations, as well as executive leadership experience.


There is no family relationship between Mr. Peters and any other person that would require disclosure under Item 401(d) of Regulation S-K. Mr. Peters is also not a party to any transactions that would require disclosure under Item 404(a) of Regulation S-K.


In connection with the above appointments and resignation, on January 13, 2023, the Compensation Committee of the Board of the Company made the following modifications to the 2023 compensation for Mr. Peters and Mr. Hastings:


ANNUAL SALARY ANNUAL STOCK OPTION ALLOCATION ESTIMATED TARGET BONUS 

Greg Peters, Co-Chief Executive Officer $ 3,000,000 $ 17,325,000 $ 14,325,000 

Reed Hastings, Executive Chairman of the Board 500,000 2,500,000 N/A 


All other terms relating to the 2023 compensation for Mr. Peters and Mr. Hastings remain consistent with those disclosed in the Company's Current Report on Form 8-K filed on December 23, 2022.