Longtime Netflix employee and content supervisor Ted Sarandos has been promoted to a Co-CEO position alongside current CEO and founder Reed Hastings. Sarandos is also joining the Netflix board of directors, as well as keeping his role as chief content officer.
“My journey to co-CEO of Netflix has been as a fan of great entertainment,” Sarandos said. “And that’s my commitment to Netflix members going forward: to keep pushing the boundaries of what a consumer-first company can achieve for people who love stories.”
Sarandos and Hastings have known each other for more than 20 years and since Netflix’s inception, seeing the industry evolve from DVD’s to a digital focus as the internet took over in the early 2000s. Now Netflix is navigating the road amid stiff competition and limited production for original content during 2020.
“These changes are part of a long process of succession planning,” Hastings said. “While transitions can be hard, I am optimistic because we have a well established culture that’s built to be flexible and many years to get good at this. I’m committed to Netflix for the long term. Here’s to the next decade of great storytelling, better recommendations and a service that we hope brings joy, escape and a sense of connection to hundreds of millions of members around the world.”
This announcement comes at the same time Netflix reported a successful Q2 earnings report. The company’s revenue grew to $6.15 billion, with earnings per share of $1.59.
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