Netflix co-founder and executive chairman Reed Hastings will officially depart the company’s board this June. According to a shareholder letter released alongside Netflix’s Q1 2026 earnings, Hastings is leaving to dedicate his time to “philanthropy and other pursuits.” His departure marks the end of an era for the streaming giant he helped build from a niche DVD-by-mail service into a global media powerhouse.
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Hastings co-founded Netflix in 1997 alongside Marc Randolph, taking over as CEO in 1999. Under his leadership, the company made the pivotal pivot to streaming in 2007 and launched its first original content in 2013. Perhaps his most enduring internal contribution is the “Culture Memo,” a document that codified Netflix’s high-performance, “freedom and responsibility” philosophy.
“My real contribution at Netflix wasn’t a single decision,” Hastings said in a statement. “It was a focus on member joy and building a culture that others could inherit and improve.” He specifically thanked current co-CEOs Ted Sarandos and Greg Peters, noting that their commitment allows him to finally “focus on new things.”
Hastings began his gradual exit in 2020 by naming Ted Sarandos as co-CEO. In 2023, Hastings fully stepped down from the chief executive role to become executive chairman, promoting Greg Peters to join Sarandos at the helm. This final move from the board represents the completion of a multi-year leadership transition.
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While he is severing his formal ties with Netflix, Hastings remains deeply embedded in the tech and media landscape. He currently holds board seats at Anthropic and Bloomberg.
As Hastings moves on, Netflix continues to evolve beyond the film and television model he pioneered. The company is aggressively expanding into live sports, video podcasts, and curated party games as it seeks to maintain its dominance in a maturing streaming market.
