Reed Hastings is stepping down as CEO of Netflix, vacating a position he has held since 1999, after co-founding the company in 1997.

Netflix has faced new challenges in recent quarters, experiencing its first subscriber drop in nearly a decade. The company rallied, however, and has once again been posting subscriber growth.

With the company’s future relatively secure, Hastings is stepping down as CEO and following a succession plan that has been in the works for years. Hastings is being replaced by Ted Sarandos and Greg Peters, who will serve the company as co-CEOs.

“Our board has been discussing succession planning for many years (even founders need to evolve!),” Hastings wrote in a blog post. “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.

“It was a baptism by fire, given COVID and recent challenges within our business. But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth. So the board and I believe it’s the right time to complete my succession.”

According to Hastings, the change is effective immediately, with him taking on the role of Executive Chairman.

“Starting today, Greg Peters will step up from COO to become Ted’s co-CEO,” Hastings continues. “Going forward, I’ll be serving as Executive Chairman, a role that founders often take (Jeff Bezos, Bill Gates, etc.) after they pass the CEO baton to others. Ted, Greg and I have been working closely together in different capacities for 15 years. As is common in long, effective relationships, we’ve all learned how to bring out the best in each other. I look forward to working with them in this role for many years to come.”