Reed Hastings, the co-founder of Netflix, is stepping down as CEO of the company he founded 25 years ago.

Ted Sarandas and current COO Greg Peters will lead the streaming video service as co-CEOs of Netflix announced.

Hastings said he plans to continue as executive chairman, a role company founders often take as part of a succession plan.

The company’s shares jumped in after-hours trading after the announcement.

This is a developing story.

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