Netflix Appoints Ted Sarandos as Co-Chief Executive

In recent years, it has become one of the industry’s most prolific sources of film and TV production. Mr. Sarandos now moves easily within Hollywood’s circles of power, brokering big-budget projects with Martin Scorsese, Will Smith, Shonda Rhimes, Ryan Murphy, Sandra Bullock and Adam Sandler. In short, the company has become more dependent on Mr. Sarandos’s domain: original content.

Netflix on Thursday also announced that it had promoted Greg Peters, the head of the company’s product group, to chief operating officer, a move that could help Mr. Sarandos devote more time to content production.

Mr. Hastings will remain chairman. “In terms of the day-to-day running of Netflix, I do not expect much to change,” he said. He added that the leadership moves “are part of a long process of succession planning.”

In a call with investors on Thursday, Mr. Hastings said he was not going anywhere. “To be totally clear, I’m in for a decade,” he said. He repeated himself for emphasis: “So let me be very clear on that. I’m in for a decade.”

Netflix also reported that its slate of new productions was on track last quarter, adding that its planned releases of new shows and films for the rest of the year were “largely intact.”

Blockbusters like “Extraction,” a thriller starring Chris Hemsworth that was released in April, drew 99 million views in its first four weeks, the company said. Last week, Netflix debuted “The Old Guard,” a smart, humane action epic starring Charlize Theron. Fresh programming is crucial to Netflix’s growth because new shows tend to drive new subscriptions.

The company said it would release several new series and films later this quarter, including Season 2 of “The Umbrella Academy,” and “Enola Holmes” a period mystery film with Millie Bobbie Brown, a star of the Netflix hit “Stranger Things,” playing the sister of Sherlock Holmes.