Reed Hastings Is Leaving Netflix After 29 Years

Netflix co-founder and existent president Reed Hastings is leaving nan streaming company’s committee successful June to attraction connected "his philanthropy and different pursuits," according to a shareholder letter released alongside Netflix's Q1 earnings. Hastings has served arsenic president of Netflix's committee since 2023, a domiciled he assumed after stepping down arsenic co-CEO and promoting Greg Peters successful his place.

"Netflix changed my life successful truthful galore ways, and my all‑time favourite representation was January 2016, erstwhile we enabled astir nan full satellite to bask our service," Hastings said successful a statement. "My existent publication astatine Netflix wasn’t a azygous decision; it was a attraction connected personnel joy, building a civilization that others could inherit and improve, and building a institution that could beryllium some beloved by members and wildly successful for generations to come. A typical acknowledgment to Greg and Ted, whose committedness to Netflix’s greatness is truthful beardown that I tin now attraction connected caller things."

Hastings founded Netflix successful 1997 arsenic a DVD-by-mail rental work pinch his co-founder and nan company's first CEO Marc Randolph. In 1999, Hastings became CEO, and yet led nan institution done its translator into a streaming work successful 2007. Netflix started producing its ain tv bid and movies successful 2013, and successful 2020, nan company's committee named Ted Sarandos arsenic Hasting's co-CEO, successful portion to oversee its increasing accumulation business. Hastings stepped down arsenic co-CEO successful 2023 to go Netflix’s executive chairman, arsenic past COO Greg Peters was promoted to co-CEO. Among his different contributions, Hasting is besides nan designer of Netflix's infamous "culture memo," which codified nan company's high-performance culture.

While he'll nary longer beryllium connected Netflix's board, Hastings still has a spot connected nan committee of AI startup Anthropic and media and financial package institution Bloomberg. Netflix, for its part, is continuing to grow extracurricular of nan tv and movie business Hastings helped build, by offering a action of curated statement games, a increasing library of video podcasts and live sports.