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.
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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