Netflix Inc. (NASDAQ:NFLX) co-founder Reed Hastings is set to fully exit the leadership, closing a decades-long chapter.
Reed Hastings To Exit Netflix Board In June
On Thursday, in a letter to shareholders, Netflix said Hastings will not seek re-election to its board at the company’s annual meeting in June, marking his final formal role at the streaming giant he co-founded in 1997.
The company noted that his decision is not tied to any disagreement.
Hastings previously stepped down as co-CEO in 2023 and has since served as chairman. His departure leaves co-CEOs Ted Sarandos and Greg Peters fully in charge.
Sarandos called Hastings “a true history maker,” while Peters said his vision “shaped every stage of our journey.”
A Legacy That Transformed Global Streaming
Netflix credited Hastings with building a culture of “innovation, integrity and high performance,” while pioneering how audiences consume entertainment worldwide.
Over nearly three decades, Hastings helped transform Netflix from a DVD-by-mail service into a global streaming powerhouse available in more than 130 countries.
“My real contribution at Netflix wasn’t a single decision,” Hastings said, adding, it was a focus on member joy and building a company that could be both beloved and successful for generations.”
He also reflected on a defining milestone: “My all-time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service.”
He was referring to Netflix’s global expansion a decade ago, when it rolled out its streaming service across more than 130 countries and territories.
Shifting Focus To Philanthropy And New Ventures
Hastings said he plans to focus on philanthropy and other pursuits. He has donated hundreds of millions of dollars to causes spanning education, AI research and humanitarian aid.
Recent contributions include major gifts to academic institutions and nonprofits, as well as support for Ukraine-related relief efforts.
Netflix Q1 Earnings: Revenue Tops Estimates, Growth Jumps 16%
Netflix reported first-quarter revenue of $12.25 billion, topping analyst estimates of $12.18 billion. The company also posted earnings of $1.23 per share, well above expectations of 76 cents per share.
Revenue rose 16% year over year in the first quarter, fueled by subscriber growth, price increases and higher advertising income.
Price Action: NFLX closed at $107.79, up 0.07% on Thursday, but fell 9.31% to $97.75 in pre-market trading on Friday, according to Benzinga Pro.
NFLX ranks in the 93rd percentile for Growth on Benzinga Edge, indicating strong short- and medium-term trend, but comparatively weaker long-term performance.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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