Netflix’s Reed Hastings is giving up his CEO role but will remain on as chairman, the company announced along side its earnings report Thursday.

Co-CEO Ted Sarandos will remain in his position. Greg Peters, most recently Chief Operating Officer, will assume the post of co-CEO in Hastings’ place. Peters will also join the company’s board.

“I want to thank Reed for his visionary leadership, mentorship and friendship over the last 20 years. We’ve all learned so much from his intellectual rigor, honesty and willingness to take big bets – and we look forward to working with him for many more years to come,” said Sarandos in a written statement.

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