Ted Sarandos. Photo credit: Daniel Benavides on Flickr, under Creative Commons license

Video streaming giant Netflix has announced that it’s promoted its chief content officer Ted Sarandos to the position of Co-CEO, which he’ll now share with Netflix founder and long-standing CEO Reed Hastings. Thanks to the promotion, Sarandos is now a member of Netflix’s board of directors. Even as Co-CEO, he’ll still perform his duties as chief content officer, according to a press statement from Netflix. As Ted Sarandos takes up the role of Co-CEO, Netflix has also promoted its Chief Product Officer, Greg Peters, to the position of Chief Operating Officer (COO).

Sarandos is taking up the Co-CEO position after two decades at Netflix. He joined the company in the year 2000 after meeting with Hastings in the previous year. At Netflix, Sarandos was responsible for pushing the company into original programming, a push that’s now become the norm for the company (Netflix spends billions of dollars annually on 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,” Sarandos said in a press statement.

According to Sarandos, not much is expected to change in the day-to-day running of Netflix despite his promotion. Netflix is also fresh off the appointment of a new Chief Marketing Officer (CMO) by the name of Bozoma Saint John.