Reed Hastings is leaving Netflix after 29 years
Netflix co-founder and current chairman Reed Hastings is leaving the streaming company’s board in June to focus on "his philanthropy and other pursuits," according to a shareholder letter released alongside Netflix's Q1 earnings. Hastings has served as chairman of Netflix's board since 2023, a role he assumed after stepping down as co-CEO and promoting Greg Peters in his place."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," Hastings said in a statement. "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. A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things."Hastings founded Netflix in 1997 as a DVD-by-mail rental service with his co-founder and the company's first CEO Marc Randolph. In 1999, Hastings became CEO, and eventually led the company through its transformation into a streaming service in 2007. Netflix started producing its own television series and movies in 2013, and in 2020, the company's board named Ted Sarandos as Hasting's co-CEO, in part to oversee its growing production business. Hastings stepped down as co-CEO in 2023 to become Netflix’s executive chairman, as then COO Greg Peters was promoted to co-CEO. Among his other contributions, Hasting is also the architect of Netflix's infamous "culture memo," which codified the company's high-performance culture.While he'll no longer be on Netflix's board, Hastings still has a seat on the board of AI startup Anthropic and media and financial software company Bloomberg. Netflix, for its part, is continuing to expand outside of the television and film business Hastings helped build, by offering a selection of curated party games, a growing library of video podcasts and live sports.This article originally appeared on Engadget at https://www.engadget.com/entertainment/streaming/reed-hastings-is-leaving-netflix-after-29-years-213136444.html?src=rss
