headline: Netflix cofounder Reed Hastings to step down from board in June slug: 2026-04-16-netflix-cofounder-reed-hastings-to-step-do…

  • Reed Hastings, the cofounder and chairman of Netflix, will leave the streaming company’s board of directors in June when his current term…
  • Hastings’ departure ends his last formal role at the company he co-founded, arriving on the same day Netflix reported strong first-quarte…
  • Hastings co-founded Netflix alongside Marc Randolph and took over as chief executive from Randolph in the late 1990s, holding the role fo…
  • In a statement, Hastings described his legacy in terms of organizational culture rather than any single product decision.

Reed Hastings, the cofounder and chairman of Netflix, will leave the streaming company’s board of directors in June when his current term expires, Netflix said Thursday. Hastings, who served as Netflix’s chief executive for more than two decades before stepping down in 2023, said he plans to focus on philanthropy and other pursuits.

Hastings’ departure ends his last formal role at the company he co-founded, arriving on the same day Netflix reported strong first-quarter results but saw its shares fall nearly 9% after the company’s near-term outlook disappointed investors.

From cofounder to chairman

Hastings co-founded Netflix alongside Marc Randolph and took over as chief executive from Randolph in the late 1990s, holding the role for more than 20 years before stepping back from day-to-day management in 2023. He remained as board chairman until Thursday’s announcement.

In a statement, Hastings described his legacy in terms of organizational culture rather than any single product decision.

“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,” he said.

Earnings backdrop and investor reaction

Netflix disclosed Hastings’ planned departure alongside its quarterly earnings Thursday — the company’s first earnings report since it walked away from an offer to acquire Warner Bros. Discovery’s studio and streaming business in February.

Despite reporting strong quarterly results, Netflix shares fell nearly 9% to $98.32 in after-hours trading after the company’s guidance disappointed investors.