Netflix has named Chief Content Officer Ted Sarandos as co-CEO.

On Thursday, local time, Netflix announced that Ted Sarandos, a longtime executive, had been appointed co-CEO as it reported its second-quarter results,media reported. Another co-CEO of the company is reported to be co-founder Reed Hastings. “Ted has been my partner for decades. This change makes what was already informal – Ted and I share The leadership of Netflix,” Hastings wrote in a letter to shareholders. But the letter did not say whether the move would take effect immediately.

Netflix has named Chief Content Officer Ted Sarandos as co-CEO.

In addition, Hastings added in a blog post on the company’s website that he doesn’t want netflix’s day-to-day operations to change too much.

Sarandos joined Netflix in 1999, meaning he worked for the company for more than 20 years, and his long-term role was as Chief Content Officer, overseeing netflix’s many successful original shows — including “Woman’s Jail” and “House of Cards.” Sarandos has since transformed the company into one of Hollywood’s most powerful companies. As part of the move, Sarandos was also elected to the board.

As part of Netflix’s legendary history, Sarandos is one of the key players involved in building the platform, a basic streaming video product that currently has nearly 200 million subscribers. Back in 2013, The Hollywood Reporter asked Sarandos if he would pay $100 million for House of Cards if he had been asked to do it again. At the time, even Hastings didn’t know about the deal. Sarandos’s answer is that if they really want to try to get into the original show game, he doesn’t want their attempt stooped”, “because we’re not hard enough, or we don’t have enough ambition.” “

This is quite a conservative statement. Sarandos has been pushing Netflix’s content strategy since 2013, helping the company move out of its early days as a DVD messaging service and transform ingons into a Hollywood giant. More than half of Netflix’s films are now original, and the company has abandoned licensing, and its talent pool already includes the likes of Martin Scorsese, Ava DuVernay and Richard Linklater. In less than a decade, streaming has become a must-have entertainment force, and it has dominated awards ceremonies. This is largely due to Sarandos and his film and television team.

Jay Hoag, Netflix’s chief independent director, said: “Having seen Reed and Ted have been working together for so long, the board and I believe this is the right step in developing Netflix’s management structure so that we can continue to best serve our members and shareholders for years to come.” “