Netflix Names Co-CEO

Longtime Netflix chief content officer Ted Sarandos has been upped to co-chief executive officer, according to The Hollywood Reporter.

“Ted has been my partner for decades," says Reed Hastings, founder, Netflix. "This change makes formal what was already informal — that Ted and I share the leadership of Netflix."

Sarandos has worked at Netflix for more than 20 years. He will work alongside Netflix founder Reed Hastings in the new role while retaining his chief content officer role.”

"Having watched Reed and Ted work together for so long, the board and I are confident this is the right step to evolve Netflix’s management structure so that we can continue to best serve our members and shareholders for years to come," says Jay Hoag, lead independent director, Netflix.

Along with this appointment, Netflix announced the addition of 10.09 million subscribers during its second quarter. Its global base is now nearly 193 million.