Netflix announced Thursday that its founder Reed Hastings is stepping down as co-CEO at the company and will serve as executive chairman. Hastings will be replaced by co-CEOs Ted Sarandos and Greg Peters.

“Our board has been discussing succession planning for many years (even founders need to evolve!),” Hastings wrote in a blog post on Thursday. “As part of that process, we promoted Ted to co-CEO alongside me in July 2020, and Greg to Chief Operating Officer — and in the last 2½ years I’ve increasingly delegated the management of Netflix to them.”

Hastings founded Netflix (NFLX) in 1997 and changed the way countless households watched movies and shows, first with its DVD-by-mail business and later with its streaming video service.

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