Netflix Cofounder Reed Hastings to Step Down From Board in June
Former CEO served for more than 20 years; company shares fell nearly 9% after quarterly earnings
Quick Look
- Netflix cofounder and chairman Reed Hastings will exit the company's board of directors in June when his term expires, shifting focus to philanthropy.
- He served as CEO for over 20 years until 2023, taking over from co-founder Marc Randolph in the late 1990s.
- The announcement accompanied Netflix's first quarterly earnings since walking away from its Warner Bros.
AI-generated summary
Why It Matters
Reed Hastings co-founded Netflix in 1997 and built it from a DVD-by-mail service into a global streaming giant. He stepped down as CEO in 2023 after more than 20 years leading the company, passing the CEO role to Ted Sarandos and Greg Peters. The company recently abandoned plans to acquire Warner Bros. Discovery's studio and streaming business.
Netflix cofounder and chairman Reed Hastings will step down from the streaming service’s board of directors in June when his term expires, the company said on Thursday. Hastings plans to focus on philanthropy and other pursuits. Hastings had served as Netflix’s CEO for more than 20 years until 2023 after taking over the role from his friend and fellow company co-founder Marc Randolph in the late 1990s. “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,” he said in a statement. The company announced Hastings' departure along with its quarterly results Thursday, its first earnings report since walking away from its offer to buy Warner Bros. Discovery’s studio and streaming business in February. Netflix shares fell nearly 9% to $98.32 in after-hours trading after the company's outlook disappointed investors despite strong quarterly results.
Open Questions
- Who will replace Hastings on the board?
- What specific philanthropy will Hastings focus on?
- Will Hastings maintain any role at the company?
