Netflix co-founder and chairman Reed Hastings, who served as CEO for 25 years and dramatically shook up the entertainment business, is leaving the streaming giant’s board of directors.
Hastings will depart the Netflix board when his current term expires at the annual meeting in June, “in order to focus on his philanthropy and other pursuits,” the company said in its first quarter 2026 investor letter Thursday.
“Reed built a culture of innovation, integrity and high performance that defines who we are today,” the company said. “His vision and leadership pioneered how the world is entertained, and his legacy and impact are not only felt by all of us at Netflix, but by audiences around the world. On behalf of the board and our shareholders, we extend our deepest thanks for his extraordinary leadership and service.”
Hastings stepped down as co-CEO of Netflix in early 2023, after Ted Sarandos (formerly chief content officer) was named co-CEO in 2020. Hastings has subsequently served as chairman.
In a statement, Hastings said: “Netflix changed my life in so many ways, and my all‑time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service.” That’s a reference to the company’s expansion 10 years ago to launch streaming 130 countries and territories.
Hastings continued, “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.”
Hastings added a “special thanks” to co-CEOs Ted Sarandos and Greg Peters, “whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”
Sarandos said: “Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999. I’ve had the privilege of working for, and alongside, a true history maker and I look forward to marveling at all he will do next. He has modeled for Greg and me a selfless, disciplined leadership style that will continue to shape how we lead Netflix in the exciting times ahead.”
And Peters commented, “Reed will always be Netflix’s founder and biggest champion — he is a part of our DNA. His vision, entrepreneurship, and steadfast commitment to our values have shaped every stage of our journey and continue to shape how Ted and I lead Netflix today.”
In an SEC filing, Netflix said about Hastings’ exit from the board, using standard boilerplate language: “Mr. Hastings’ decision to not stand for re-election is not as a result of any disagreement with the Company.”
Hastings co-founded Netflix in 1997. He currently serves on the boards of several educational non-profits, including KIPP, City Fund and the Charter School Growth Fund.
In 2023, he bought the Powder Mountain ski resort in Eden, Utah. Last month, Hastings reflected on his exit as Netflix’s CEO, his stewardship of the ski resort, and offered his thoughts on what he believes is the company’s biggest risk — the threat of AI-generated video. “Does AI transform content creation in ways such that young people only watch YouTube, and YouTube content boosted with AI becomes cool and sexy enough that that takes all their time,” Hastings said in the interview with “In Depth With Graham Bensinger.”
Hastings, whose currently net worth is estimated to be $5.8 billion (per Forbes), has donated hundreds of millions of dollars to charitable causes.
In 2024, Hastings gave Netflix stock worth nearly $500 million at the time as a gift to the Silicon Valley Community Foundation, a not-for-profit organization that works to “bridge critical gaps and divisions to deliver strategies that reduce systemic inequities” in the Bay Area. Last year, Hastings gave $50 million to Bowdoin College in Maine, the liberal arts college he graduated from in 1983 with a degree in math, to fund AI research and teaching within “ethical frameworks.” And earlier this year he donated $5 million to Ukraine charity White Stork as Russia’s war on the country entered its fourth year.
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