I'm thrilled to share the news that Ted Sarandos has been named co-CEO of Netflix, joining me in this leadership role. In addition, he has been elected to our board of directors while maintaining his position as chief content officer.

Furthermore, Greg Peters has been promoted to chief operating officer, complementing his existing responsibilities as chief product officer.

My journey with Ted began in October 1999 when I came across an article in Video Business. I reached out to a mutual friend to facilitate an introduction, as we were in the early stages of building the company and required someone with his extensive knowledge of the video rental industry.Ted has proven to be an invaluable asset to Netflix over the years, demonstrating a remarkable ability to anticipate shifts in both the entertainment industry and evolving consumer preferences. While the push toward streaming was a vision I championed early on, it was Ted who truly transformed our content strategy into something revolutionary — a bold move that was far ahead of its time and continues to drive our ongoing success.

Ted has also shown an exceptional talent for building and nurturing a world-class team, drawing in some of the most talented and creative entertainment executives from across the globe.

When it comes to the daily operations of Netflix, very little is expected to change. Our core leadership structure remains intact, and Ted's well-earned elevation to Co-CEO is largely a formal recognition of the leadership dynamic that has already been in place.

Greg Peters stepping into the role of Chief Operating Officer is a reflection of the remarkable strategic thinking and analytical expertise he has contributed to our product division over the past decade. As Netflix has continued to expand, a significant part of my own responsibilities has involved maintaining a broad understanding of every aspect of the business — fostering alignment, encouraging collaboration, and keeping productivity high. I now look to Greg to take on much of that responsibility, with the goal of him eventually knowing every corner of this company even better than I do.

With nearly 200 million members worldwide and enormous potential for further growth as audiences increasingly turn to internet-based entertainment, the future of Netflix has never looked brighter. By continuing to elevate the quality of our content and refine our service, we have the opportunity to reach hundreds of millions more people over the coming decade.

These leadership changes are the result of a thoughtful, long-term succession planning process. Change is never without its challenges, but our deeply rooted culture — one built on adaptability and resilience — gives me great confidence in what lies ahead. My commitment to Netflix remains unwavering.

Here's to the next chapter: one filled with extraordinary storytelling, smarter recommendations, and a service that brings joy, inspiration, and a sense of belonging to people all around the world.

— Reed HastingsReflecting on a journey from skepticism to leadership,

a new chapter begins at Netflix.

Two decades ago, a vision was shared that seemed improbable,

set against the dominance of giants and the infancy of the internet.

Yet, persistence turned doubt into opportunity,

leading to a partnership that would shape an era.

Early inspiration came not from boardrooms, but from home,

where stories on screen were deemed essential,

fueling a lifelong passion for film and television.

A teenage job in a video store became a classroom,

teaching the diversity of taste and the power of connection.

At Netflix, innovation has been a constant dance,

from physical discs to global streams,

from borrowed content to original voices.

This evolution is a testament to the teams

who adapt relentlessly for audiences worldwide.

Now, as co-CEO, the mission remains rooted in fandom,

dedicated to expanding what entertainment can be.

The goal is clear: to serve those who cherish stories,

always putting their curiosity and joy first.

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