Streamer Founder and Chairman to Step Down in June

In the shareholder letter, Hastings reflected on his contribution to Netflix, emphasizing 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 stated that he will now “focus on his philanthropy and other pursuits.”

Netflix co-founder and executive chairman Reed Hastings will not seek re-election to the company’s board of directors when his term expires in June, the company announced in its first-quarter earnings results on Thursday, April 16, 2026.

Hastings, who transformed Netflix from a DVD subscription service into a global streaming giant, stepped down as co-CEO in 2023 and assumed the role of executive chairman. His departure from the board comes less than three years after that transition and follows Netflix’s decision to exit the bidding war for Warner Bros. Discovery, which Paramount ultimately acquired.

In the shareholder letter, Hastings reflected on his contribution to Netflix, emphasizing 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 stated that he will now “focus on his philanthropy and other pursuits.”

Ted Sarandos, Hastings’ former co-CEO who now shares leadership duties with Greg Peters, praised Hastings’ legacy. “Reed will always be Netflix’s founder and biggest champion—he is a part of our DNA,” Peters said in a statement. Sarandos addressed speculation linking Hastings’ departure to the Warner Bros. Discovery bid, asserting during an investor call that “Reed was a big champion for that deal. He championed it with the board, the board unanimously supported the deal. That absolutely had nothing to do with it.”