The co-founder who helped build Netflix into a streaming powerhouse will leave the company’s board of directors this summer, the entertainment giant announced Thursday.
Reed Hastings, who also served as the company’s chairman, will depart when his board term concludes in June. The executive plans to dedicate his time to charitable endeavors and new projects.
Hastings led Netflix as chief executive officer for more than two decades before stepping down in 2023. He originally assumed the CEO position in the late 1990s, taking over from Marc Randolph, his friend and co-founding partner.
In a company statement, Hastings reflected on his tenure: “My real contribution at Netflix wasn’t a single decision; it was a focus on member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by members and wildly successful for generations to come.”
The streaming service revealed Hastings’ exit alongside its quarterly financial results on Thursday. This marks the first earnings announcement since Netflix abandoned its February bid to acquire Warner Bros. Discovery’s studio operations and streaming platform.
Following the quarterly report, Netflix stock dropped almost 9% to $98.32 during after-hours trading. The decline came as the company’s future projections failed to meet investor expectations, despite posting solid quarterly performance numbers.
