Netflix appoints Ted Sarandos as co-chief executive officer

On Thursday, Netflix Inc. (NFLX.O) promoted the architect of its programming strategy Ted Sarados to the role of co-chief executive officer.

Netflix’s Chairman and Chief Executive Officer Reed Hastings announced that Ted would be his successor.

“Ted has been my partner for decades. This change makes formal what was already informal — that Ted and I share the leadership of Netflix,” Reed Hastings said in an interview.

Sarandos, who would continue as the company’s chief content officer, said that he was “excited and honored” by the promotion.

“My journey to co-CEO of Netflix has been as a fan of great entertainment 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 wrote in a blog post.

Netflix’s second-quarter profit doubled to $720 Million from $271 Million in 2020. The company’s revenue jumped by 24% to $6.1 billion.