Netflix cofounder and Chairman Reed Hastings will step down from the company’s board this summer, choosing not to extend his tenure when his current term expires. The streaming giant disclosed in a letter to shareholders that Hastings is exiting to concentrate on “philanthropy and other pursuits.”
The news came Thursday as part of Netflix’s first-quarter earnings release. According to the regulatory filing, Hastings’s official departure will take effect in June, when his term concludes.
The letter stated that “Reed Hastings has informed us that he will not stand for re-election to our Board when his current term expires at the Annual Meeting in June, in order to focus on his philanthropy and other pursuits.”
It added that Reed built a culture of innovation, integrity and high performance that defines who we are today. His 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.
“On behalf of the Board and our shareholders, we extend our deepest thanks for his extraordinary leadership and service,” reads the letter.
Hastings, who helped build Netflix into a major media giant and the king of streaming services, said: “Netflix changed my life in so many ways, and my all time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service.”
Hastings, who stepped aside as co-CEO in 2023, added: “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. A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”
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.
Ted Sarandos, Netflix co-CEO, said: “Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999. I’ve had the privilege of working for, and alongside, a true history maker and I look forward to marveling at all he will do next. He has modeled for Greg and me a selfless, disciplined leadership style that will continue to shape how we lead Netflix in the exciting times ahead.”
Greg Peters, Netflix co-CEO, said: “Reed will always be Netflix’s founder and biggest champion—he is a part of our DNA. His vision, entrepreneurship, and steadfast commitment to our values have shaped every stage of our journey and continue to shape how Ted and I lead Netflix today.”
The announcement came as Netflix reported net income of $5.28 billion, compared to $2.89 billion in the same quarter a year earlier. Analysts had estimated net income of $3.29 billion, according to FactSet.
Earnings per share came in at $1.23, the company reported, nearly double the 66 cents it reported in the same quarter a year earlier.
Revenue rose to $12.25 billion, up from $10.5 billion in the first quarter of 2025.
