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Reed Hastings, the co-founder and chairman of Netflix, is leaving the company\u2019s board when his term expires this summer. Hastings is stepping aside to focus on \u201cphilanthropy and other pursuits,\u201d the company said in a letter to shareholders.<\/p>\n
The departure was revealed in the company\u2019s first-quarter earnings report published Thursday. Hastings will officially leave the board when his term is up in June, according to the filing.<\/p>\n
\u201cNetflix changed my life in so many ways, and my all\u2011time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,\u201d Hastings said in a statement included in the earnings report.<\/p>\n
\u201cMy real contribution at Netflix wasn\u2019t a single decision,\u201d Hastings continued. \u201cIt 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.\u201d <\/p>\n
The outgoing founder also thanked Ted Sarandos, the company\u2019s CEO, and Greg Peters, its co-CEO.<\/p>\n
In 1999, when mom-and-pop video rental stores still coated the country, Hastings and Netflix co-founder Marc Randolph launched a subscription DVD-by-mail business for movies. In the coming years, Netflix would help wipe out many of those mom-and-pop stores (as well as mega-rental chain Blockbuster), as its offerings expanded from a disc-delivery service to digital delivery (the company officially retired its disc delivery service in 2023). Under Hastings\u2019 leadership, Netflix became a pioneer in the streaming industry, inspiring a wave of similar services from the likes of Amazon, HBO, Disney, Hulu, and others.<\/p>\n
\u201cReed built a culture of innovation, integrity and high performance that defines who we are today,\u201d the company said in the earnings report. \u201cHis vision and leadership pioneered how the world is entertained, and his legacy and impact are not only felt by all of us at Netflix, but by audiences around the world.\u201d<\/p>\n
Techcrunch event<\/p>\n
\n\t\t\t\t\t\t\t\t\tSan Francisco, CA<\/span> While Hastings heads for the exit, Netflix said Thursday that it is looking to expand into new technological frontiers, including generative AI. The report mentions also the streaming giant\u2019s recent acquisition of InterPositive, Ben Affleck\u2019s AI company. <\/p>\n The reported $12.25 billion in revenue in the first quarter, a 16.2% increase from the same period last year. Netflix\u2019s net income rose nearly 83% to $5.28 billion.<\/p>\n<\/div>\n
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\n\t\t\t\t\t\t\t\t\t\t\t\t\tOctober 13-15, 2026<\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n