Netflix has made a change in its leadership role, as Reed Hastings steps down amid Disney and Amazon threat to the video streaming platform’s market share.
Hastings, who was the Co-founder and co-Chief Executive Officer of Netflix, was replaced with Greg Peters, the company’s Chief Operating Officer.
Peters has joined the board and will act as co-CEO with Ted Sanders. The position comes with a $3 million annual salary and $17.325 million worth of annual stock option. He was also allocated $14.325 million estimated target bonus.
According to the company in a blog post on Thursday, it was revealed that Hastings stepped down to take over the Executive Chairman post, following the footsteps of Jeff Bezos and Bill Gates.
As an Executive Chairman, Hastings will be paid $500,000 annual salary, as well as $2.5 million stock option.
“Starting today, Greg Peters will step up from COO to become Ted’s co-CEO. Going forward, I’ll be serving as Executive Chairman, a role that founders often take (Jeff Bezos, Bill Gates, etc.) after they pass the CEO baton to others
