Reed Hastings to Exit Netflix Board After 29 Years

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Reed Hastings, co-founder and former CEO of Netflix, is stepping down from the company's board of directors, effective June. Hastings will focus on philanthropy and other pursuits. The move comes as Netflix regains its footing after losing a $72 billion deal for Warner Bros Discovery.

Reed Hastings, the co-founder of Netflix, is leaving the streaming service's board of directors after 29 years. Hastings will not stand for re-election at the company's annual meeting in June and plans to focus on philanthropy and other pursuits.

In a letter to investors, Netflix said Hastings' decision to step down is not a result of any disagreement with the company. The company's stock dropped about 8% on the news of Hastings' departure.

Hastings co-founded Netflix in northern California and led it through its pivot from a mail-order DVD company to a leading streaming TV service. He stepped down as CEO in 2023.

Netflix reaffirmed its mission to entertain the world, providing movies and series for many tastes, cultures, and languages. The company's full-year financial outlook remained unchanged. Revenue rose to $12.25 billion, an increase of 16% from the year-ago period, modestly exceeding analyst forecasts.

The company plans to use technology to improve the user experience and monetization, with advertising revenue on track to reach $3 billion in 2026, a twofold increase from a year ago. Netflix also highlighted areas of future growth, including video podcasts and live entertainment.