Reed Hastings, co-founder of Netflix (NASDAQ: NFLX), is stepping down from the company’s board of directors, closing a nearly 30-year chapter with the streaming giant. The announcement, made during Netflix’s Q1 2026 earnings release on Thursday, confirmed Hastings will not stand for re-election at the annual meeting in June.
Hastings, who co-founded Netflix in 1997 and served as CEO from 1999 to 2023, transitioned to the role of executive chairman three years ago, handing day-to-day leadership to co-CEOs Greg Peters and Ted Sarandos. Reflecting on his tenure, Hastings emphasized his focus on building a lasting culture.
“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.
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His departure comes as Netflix reports robust financial performance, with Q1 2026 revenue reaching $12.25 billion, a 16.2% increase year-over-year. The growth was fueled by a surge in membership, higher pricing, and expanding ad revenue. The company now boasts over 325 million global subscribers, a testament to its transformation from a DVD-by-mail service to a streaming and content powerhouse.
Hastings plans to shift his attention to philanthropy and personal ventures, including his investment of over $100 million in Utah’s Powder Mountain. The 8,464-acre property is being redeveloped into a luxury ski resort, aligning with his passion for snowboarding.
Under Peters and Sarandos, Netflix has navigated a dynamic period, including walking away from an $83 billion deal to acquire Warner Bros. and HBO Max. The company also raised prices in March, pushing its cheapest ad-free plan to $19.99 per month from $17.99, while rolling out new offerings like a kids’ games app called Playground and Jackbox party games for TV.
Sarandos praised Hastings’ impact, noting, “Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999.”
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