Netflix elevates Ted Sarandos to co-CEO

July 16 (UPI) -- Netflix elevated Ted Sarandos to serve as co-CEO of the streaming platform alongside Reed Hastings on Thursday.

Hastings announced the decision in a statement, in which he described Sarandos -- who has led the company's content strategy -- as "instrumental" to Netflix's success.

"While I saw streaming coming and pushed for it, Ted drove the revolution in our content strategy, which was way ahead of its time and has been key to our continued success," Hastings said.

The company said Sarandos has also been elected to the board of directors and will continue his duties as chief content officer, while Greg Peters was appointed the company's chief operating officer, in addition to his role as chief product officer.

Hastings said the changes are "part of a long process of succession planning," adding he does not expect much to change in the day-to-day running of Netflix.

Sarandos said he was "excited and honored" to be appointed co-CEO, saying he was skeptical when Hastings approached him to join the company in 1999 but has been fortunate to have served with the company as it adapted its approach throughout the years, including his role leading its production of original content.

"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," he said.