Netflix Appoint content chief Ted Sarandos as co-CEO, Shares Fall 10%
San Francisco, 17th Jul 2020: Online streaming platform Netflix promoted its content chief Ted Sarandos as a co-CEO after it forecast that subscriber growth would slow even more than Wall Street expected during the third quarter, sending its shares tumbling 9.5% to $477.15 in after-hours trading.
The move to promote content chief as a co-CEO is a clear indication of a successor to co-founder Reed Hastings.
Sarandos will continue his role in leading the content operations. Hastings said the two would each work full time as co-CEOs and that he had no plans to leave the company soon.
Netflix also gave Chief Product Officer Greg Peters the additional role of a chief operating officer.
Netflix forecast it would add 2.5 million new paid streaming customers around the world in this qu...