Reed Hastings, co-founder and chairman of Netflix, will retire from the company’s board when his term expires this summer. In a letter to shareholders, the company said Hastings was stepping down to focus on “philanthropy and other activities.”
The resignation was revealed in the company’s first quarter earnings report released Thursday. Hastings will officially retire from the board of directors when his term expires in June, according to the filing.
“Netflix has changed my life in so many ways. My fondest memory is January 2016, when nearly the entire planet became able to enjoy our service,” Hastings said in a statement included in the earnings report.
“My real contribution to Netflix was not a single decision,” Hastings continued. “We were focused on member joy, building a culture that others could inherit and improve upon, and building a company that our members loved and that would be highly successful for generations to come.”
The outgoing founder also thanked the company’s CEO Ted Sarandos and co-CEO Greg Peters.
In 1999, when mom-and-pop video rental stores still ruled the country, Hastings and Netflix co-founder Mark Randolph launched a movie subscription DVD mail-in business. Over the next few years, Netflix will help displace many of these mom-and-pop stores (as well as giant rental chain Blockbuster) as its offering expands from disc distribution services to digital distribution (the company officially ended disc distribution services in 2023). Under Hastings’ leadership, Netflix pioneered the streaming industry, sparking a wave of similar services such as Amazon, HBO, Disney, and Hulu.
“Reed built the culture of innovation, integrity and high performance that defines our company today,” the company said in its earnings call. “His vision and leadership pioneered the way the world enjoys it, and his legacy and influence are felt by all of us at Netflix and by viewers around the world.”
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While Hastings heads for an exit, Netflix said Thursday it is considering expanding into new technology frontiers, including generative AI. The report also notes the streaming giant’s recent acquisition of Ben Affleck’s AI company, Interpositive.
The company reported revenue of $12.25 billion in the first quarter, an increase of 16.2% year over year. Netflix’s net income rose nearly 83% to $5.28 billion.
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