Netflix Co-founder Reed Hastings Leaves Board After 29-Year Run

Quick Facts

• Reed Hastings will leave Netflix’s board when his term expires at the June 4 annual meeting after 29 years with the company
• Netflix reported Q1 2026 revenue of $12.25 billion, beating analyst expectations, with 325 million global subscribers
• Hastings currently serves on AI startup Anthropic’s board and owns Powder Mountain ski resort in Utah

Netflix co-founder Reed Hastings will leave the company’s board of directors when his current term expires at the annual stockholders meeting on June 4. The announcement marks the end of a 29-year run at the streaming pioneer he co-founded in 1997.

Hastings said he wants to focus on philanthropy and other pursuits. He stepped down as co-CEO in 2023 to become executive chairman, with Greg Peters joining Ted Sarandos as co-CEO.

“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,” Hastings said in a statement. “A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”

The departure comes as Netflix reported strong first-quarter results. Revenue reached $12.25 billion, beating analyst expectations of $12.18 billion and marking 16% growth from the prior year. Diluted earnings per share hit $1.23, well above the $0.76 estimate.

Netflix now has 325 million global paid subscribers. The company maintained its full-year revenue guidance of $50.7 billion to $51.7 billion and said it remains on track to reach $3 billion in advertising revenue in 2026.

Despite the strong financial performance, Netflix shares fell 9% in extended trading following the earnings announcement. The stock decline may have been influenced by news of Hastings’ departure.

Hastings led Netflix’s transformation from a DVD-by-mail service to the world’s largest streaming platform. Under his leadership, Netflix launched streaming in 2007 and pioneered original content production, fundamentally changing how entertainment is distributed and consumed.

The executive has moved into new ventures since stepping back from day-to-day operations. He joined the board of AI startup Anthropic in 2025 and owns Powder Mountain ski resort in Utah, which he purchased in 2023. Hastings also serves on the boards of several educational nonprofits and made a $50 million gift to Bowdoin College for AI and humanity research.

Co-CEO Ted Sarandos called Hastings “a singular source of inspiration” and “a true history maker.” Co-CEO Greg Peters said Hastings “will always be Netflix’s founder and biggest champion.”

Read more: Netflix cofounder Reed Hastings is officially leaving the company