Reed Hastings’ time with Netflix will come to an end this summer. The co-founder of the streaming platform will not run for board re-election after his current term expires at Netflix’s Annual Meeting in June. The company announced the former CEO’s decision on Thursday afternoon during its first quarter shareholder letter for 2026.
Hastings will be leaving the company to focus on philanthropy and other pursuits. In the letter, the Netflix board and its shareholders extended gratitude for Hastings’ leadership and service as he transitions into the next era of his career.
Netflix co-CEO Ted Sarandos also emphasized during the company’s earnings call that Hastings’ departure had nothing to do with the Warner Bros. Discovery deal. Though Netflix originally won the bid to acquire the studio and streaming divisions of the company, WBD pulled out of the deal to go with Paramount after the latter company made a higher offer.
“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. “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.”
“Reed has been a singular source of inspiration for me, personally and
professionally, since we met in 1999,” Ted Sarandos, Netflix co-CEO, said. “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.”
“Reed will always be Netflix’s founder and biggest champion — he is a
part of our DNA,” Greg Peters, Netflix co-CEO, added. “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.”
Hastings first founded Netflix in 1997 alongside Marc Randolph. Originally created as a movie-by-mail rental service, Netflix began to stream movies in 2007. Hastings served as the CEO of the streamer from 1999 until 2023 when Sarandos and Peters took over the position. While appointing the two as co-CEOs, Hastings took on the role of executive chairman to help bridge the gap between Sarandos and Peters and the Netflix board of directors.
“I’m thrilled about Ted and Greg’s leadership, and their ability to make the next 25 years even better than the first,” Hastings wrote of the leadership change in 2023.
