American businessman Reed Hastings, who co-founded the streaming service Netflix 29 years ago, will step down as chairman of the board and leave the company when his term ends in June.
Hastings’ letter to shareholders said his decision was due to a desire to focus on philanthropy and other projects.
“Netflix has changed my life in so many ways, and my favorite memory is January 2016 when we made the service available to almost the entire world,” Hastings said. He cited his key contributions as “focusing on user satisfaction,” “creating a culture that can be passed down,” and building a company that “can be loved and highly successful for generations.”
Reed Hastings co-founded Netflix in 1997 with Mark Randolph. Initially, the service offered mail-order DVD rentals, and later began producing its own films and television series. Hastings served as CEO for 25 years.
In December 2025, Netflix announced its intention to purchase the Warner Bros. film studio. discovery. However, Paramount Skydance entered the fray for the studio and Netflix eventually backed out of the purchase. Despite this, Netflix reported 16% revenue growth in the first quarter of 2026, attributing the higher-than-expected results to higher subscription prices and higher advertising revenues on the platform. However, the company’s shares fell by about 8%.