Netflix names content chief Ted Sarandos co-CEO, forecasts weak Q3 growth

Netflix says it is looking to add 2.5 million new paid streaming customers around the world

Netflix Inc on Thursday elevated its content chief Ted Sarandos to co-CEO, making the 20-year veteran of the pioneering streaming video service a clear successor to co-founder Reed Hastings.

The promotion came as Netflix forecast its subscriber growth during the coronavirus pandemic would slow even more than Wall Street expected during the third quarter, sending its shares tumbling 9.5% in after-hours trading.

Sarandos will continue his role leading the content operations. Hastings said the two would each work full time as co-CEOs and that he had no plans to leave the company soon.

"To be totally clear, I'm in for a decade," he said