Netflix Co-Founder Reed Hastings Steps Down After Nearly 30 Years

Netflix co-founder and chairman Reed Hastings is leaving the streaming service he helped transform over the past three decades. In a letter to investors, Netflix announced that Hastings will not stand for re-election to the company's board when his current term expires at the annual meeting in June.

Hastings co-founded Netflix in 1997 and served as CEO from 1999 to 2023, when he transitioned to the role of chairman. During his tenure, he helped revolutionize the video rental industry, first with physical disc delivery and then with the shift to digital streaming.

In the letter, Netflix said Hastings' decision to step down is "not as a result of any disagreement" and that he plans to focus on philanthropy and other pursuits going forward. The company praised Hastings' "focus on member joy, building a culture that others could inherit and improve, and building a company that could thrive for decades to come."

Hastings' departure comes as Netflix regains its footing after losing a $72 billion deal with Warner Bros. Discovery. The streaming giant has faced challenges in recent years, including subscriber losses and increased competition from rivals like Disney+ and HBO Max. However, Netflix has shown signs of a turnaround, reporting better-than-expected subscriber growth in its latest earnings report.