Movie production company Netflix Inc. (NFLX) has promoted its chief of content Ted Sarandos to the position of co-CEO. This promotion now places Sarandos second in command after co-founder and CEO, Reed Hastings.
Since the pandemic set foot, Netflix has been gaining a massive number of new subscribers. However, the company says this growth in new subscribers is set to decline in the third quarter.
Staying at home orders pushed the company to register 10.1 million new subscribers in April, the highest ever quarterly gains the company recorded since inception of the company. In a letter directed to its shareholders, Netflix said these numbers propelled it to a huge year on year growth rate.
The company however said it expects the growth rate to slow down in the second half of the year.
Sarandos will continue to serve as chief of content in the company. Hastings said two of them will work hand in hand with each other in steering the company further adding that he had no intentions of exiting the company’s management soon.
“To be totally clear, I’m in for a decade,” said Hastings.