Ted Sarnados, earlier worked for two decades with Netfic as content chief and has been named as Co-CEO alongside founder Reed Hastings. Though he will continue to lead its content business as chief content officer and nothing about his day-to-day role is expected to chance.
“Ted has been my partner for decades,” Hastings said in a statement announcing the appointment. “This change makes formal what was already informal — that Ted and I share the leadership of Netflix.
The Co-CEOs first met in 1999 when the internet was new and Netflix’s main competitor, Blockbuster, was huge but Hastings convinced Sarnados to join the company. Since then, the Nteflix has expanded into all manner of entertaining programming. The first high-profile original was David Fincher’s 2013 drama adaptation House of Cards. After that , Netflix introduced new categories from Kid’s programming to documentaries to reality TV to Oscar-winning movies. Presently, Netflix releases hundreds of original Film and TV titles each year and many cater to the local audiences around the world.
The company’s lead independent director, Jay Hoag, added in a statement, “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.”
At this time of the year, Netflix has added 10.09 million subscribers boating its global base nearly to 193 million. It is forecasting just 2.5 million new subscribers during the third quarter.