Netflix Inc. yesterday promoted its Greek-American content manager, Ted Sarandos, to the position of co-CEO.

Thus, Sarandos, who has 20 years of experience in the company, is most likely going to succeed Netflix founder, Reed Hastings.

The promotion comes at a time when Netflix estimates that its subscriber growth will slow during the COVID-19 pandemic, resulting in a 9,5% reduction in the price of its shares.

Sarandos will continue to play a leading role in addressing issues related to the content of Netflix shows and movies.

In a post, Hastings stated that “he has no plans to leave in the short term. “I’m excited to stay on Netflix for the next decade”, Hastings wrote.

From July to September, Netflix estimates it will add 2.5 million subscribers to its global customer base. Analysts expected an average of 5.3 million subscribers.

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