Netflix founder Reed Hastings is giving up his CEO function however will stay on as chairman, the corporate introduced alongside facet its earnings report Thursday.

Co-CEO Ted Sarandos will stay in his place. Greg Peters, most not too long ago chief working officer, will assume the put up of co-CEO in Hastings’ place. Peters will even be part of the corporate’s board.

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“I need to thank Reed for his visionary management, mentorship and friendship over the past 20 years. We have all discovered a lot from his mental rigor, honesty and willingness to take large bets – and we stay up for working with him for a lot of extra years to return,” mentioned Sarandos in a written assertion.

Hastings co-founded Netflix in 1997. Sarandos was promoted to co-CEO alongside Hastings in July 2020, the identical time that Peters was appointed to his COO function. The corporate didn’t specify whether or not it could backfill the function of COO in its Thursday announcement.

Hastings tweeted on Thursday that he plans to remain on as government chairman “for many years to come.” He leaves the helm as the corporate makes an attempt a wide range of pivots to spice up subscribers and rebound after its enterprise sagged in latest quarters.

Hastings wrote in a weblog put up on Thursday that interval of the previous two and a half years “was a baptism by hearth, given COVID and up to date challenges inside our enterprise.”

The chief shakeup will even see Bela Bajaria, who served as the corporate’s world head of tv, step in as chief content material officer. Scott Stuber, who was beforehand the pinnacle of worldwide movie, will step in as chairman of Netflix Movie.

The succession announcement comes alongside the corporate’s fourth-quarter earnings report.

Correction: Netflix was based in 1997. An earlier model of this story misstated the 12 months in some cases.