Netflix undergoes major leadership shake-up and layoffs
Netflix is carrying out a broad leadership and organizational shake-up that includes 1,000 job cuts in its product, technology, and legal departments. The company is also removing its chief content officer, film chairman, and film vice president.
At the same time, Netflix has hired a new chief operating officer. Co-CEO Ted Sarandos described the incoming executive as “one of the most effective at-scale operators in the entertainment industry,” positioning the hire as central to the company’s effort to turn around its performance.
The combination of layoffs, senior departures, and a new operations leader reflects the scale of the changes facing Netflix. Co-CEOs Ted Sarandos and Greg Peters have sought to reassure investors, but the concentration of executive changes has prompted concern about the company’s direction.