Netflix’s VP of Ad Sales Pete Naylor is set to depart his role as the streamer expands its global reach, TheWrap has learned.
Naylor, who joined the company in August 2022, will leave his post with nearly two years at the entertainment giant in an effort for leadership to better reflect Netflix’s global priorities. In Naylor’s place, Netflix will be hiring a new head of ad sales, which will oversee both the U.S. and Canada.
“Peter’s enthusiasm, industry knowledge and relationships have been invaluable in getting our advertising business off the ground,” Netflix advertising president Amy Reinhard said in a Thursday statement. “I want to thank him for all he has done to build our team, grow the business and position Netflix for success.”
Just 18 months after launching its advertising business, Netflix has made strides when it comes to scale, with its ad-tier plan membership seeing a 34% uptick when compared to last quarter and its overall sign ups increasing 45% in its markets. The company believes it will reach critical scale for advertisers by 2025.
The news comes just two months after Netflix announced during its May upfronts that the company is in the process of building an in-house ad tech platform. The platform will be tested in Canada later this year and is set to launch globally next year.
On Thursday afternoon, Netflix unveiled its earnings report for the second quarter of 2024, which revealed the streamer surpassed Wall Street expectations while posting a 17% year-over-year increase in revenue and 44% increase in profits. The streamer also added 8 million subscribers during the three-month period to reach a total global subscriber base of 277.65 million. Its net income was valued at $2.15 billion, growing significantly from the $1.49 billion it brought in a year ago.
