SAN FRANCISCO: There’s movement at the top of Netflix – and lots of speculation after content chief Ted Sarandos was named co-CEO.

The 20-year veteran of the streaming video service is now a clear successor to co-founder Reed Hastings.

The promotion came as Netflix forecast its subscriber growth during the coronavirus pandemic would slow in Q3, sending its shares tumbling 9.5 percent.

Sarandos will continue to lead the content operations as he works alongside Hastings. Netflix chief product officer Greg Peters has been promoted to COO.