Streaming giant Netflix has announced a power shift, shaking up the leadership structure at the top.

In a move that has been in the works for several years, co-CEO Ted Sarandos and Chief Operating Officer Greg Peters will now take the reins as co-CEOs, while founder Reed Hastings steps into the role of Executive Chairman.

This move comes as Netflix looks to reignite its growth and take the company to new heights.

Hastings, who has been at the helm of Netflix since its founding in 1997, praised Sarandos and Peters for their leadership during the trying times of COVID and highlighted their complementary skill sets, deep knowledge of entertainment and technology, and proven track record at the company as the reasons for their appointment.

"Our board has been discussing succession planning for many years (even founders need to evolve!). 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," wrote Reed Hastings in a  statement.

Sarandos, who was promoted to co-CEO in July 2020, is credited with having the early foresight and skill to push into original programming, changing the company's trajectory.

Peters, who has been instrumental in driving partnerships and building advertising at Netflix, will now step up from COO to become Sarandos' co-CEO.

"For myself, I’ll be helping Greg and Ted, and, like any good Chairman, be a bridge from the board to our co-CEOs, the statement added.

In addition to the leadership changes, Netflix also announced that Bela Bajaria will become Chief Content Officer and Scott Stuber will take on the role of Chairman of Netflix Film. This is just the beginning of what promises to be an exciting new chapter for the streaming giant.

Hastings, who plans to spend more time on philanthropy, expressed excitement about the next chapter of Netflix and its leadership, stating, "we start 2023 with renewed momentum as a company and a clear path to reaccelerate our growth. I’m thrilled about Ted and Greg’s leadership, and their ability to make the next 25 years even better than the first."

After years of standing alone as the world's premiere streaming site, Netflix now faces strong competition from deep-pocketed rivals, including Disney +, which has also introduced an ad-based subscription.

But despite the new challenges, Netflix is one of the tech giants to have garnered confidence from Wall Street with its share price up almost 50 per cent in the past six months.