Netflix co-founder Reed Hastings is officially leaving the company

Reed Hastings, co-founder and chairman of Netflix, is planning to leave the company after nearly 30 years. This news comes as part of Netflix’s first quarter of 2026 release Earnings results were released on Thursdaywhich says Hastings “will not run for re-election to the Board of Directors when his current term expires at the annual meeting in June.”

After co-founding Netflix in 1997, Hastings served as CEO from 1999 to 2023, when he He stepped down and took over as president. “My true contribution to Netflix was not a single decision; it was to focus on member happiness, build a culture that others can inherit and improve, and build a company that can be loved by members and be a great success for generations to come,” Hastings says in the statement.

Hastings is stepping down to focus on his “philanthropy and other endeavors,” according to Netflix.

During the quarter, Netflix reported revenue of $12.25 billion, representing a 16.2 percent increase year over year. The streaming giant says the jump was driven by “membership growth, higher prices, and increased advertising revenue.” She also received a $2.8 billion breakup fee after walking away A deal worth $83 billion To acquire Warner Bros. studio and HBO Max.