Netflix Elevates Ted Sarandos to co-CEO

Netflix has elevated Ted Sarandos to co-CEO alongside founder Reed Hastings.

In a blog on company’s website, Ted said, “I’m excited and honoured to have been appointed co-CEO of Netflix. When Reed and I first met over 20 years ago, he described Netflix almost exactly as it now works. But at the time, I was sceptical. The Internet was still new and Netflix's main competitor, Blockbuster, was huge and had completely disrupted the business model of my previous company. Part of Reed's brilliance is his persistence and so I eventually said yes, back in 1999.”

Sarandos, who joined Netflix in 1999 and has been with the company for more than 20 years, has long served as CCO. As part of the move, he has also been elected to the board of directors.

Netflix also gave Chief Product Officer Greg Peters the additional role of Chief Operating Officer.