Netflix co-founder and chairman Reed Hastings to leave

Reed Hastings, co-founder and chairman of Netflix, is stepping down from the company’s board when his term ends this summer. Hastings is stepping aside to focus on “philanthropic and other interests,” the company said in a statement letter to shareholders.

The departure was revealed in the company’s first quarter financial report published on Thursday. Hastings will step down from the board when his term ends in June, according to the filing.

“Netflix changed my life in so many ways, and my favorite of all time was January 2016, when we helped nearly the entire world enjoy our service,” Hastings said in a statement included in the financial report.

“My real contribution to Netflix was not a single decision,” Hastings continued. “It was about focusing on member happiness, building a culture that others could emulate and change, and creating a company that would be loved by members and thrive for generations to come.”

The outgoing founder also thanked Ted Sarandos, the company’s CEO, and Greg Peters, its CEO.

In 1999, when mom and pop video rental stores were still around the world, Hastings and Netflix co-founder Marc Randolph. he started DVD subscription-by-mail movie business. In the coming years, Netflix will help clean it up most of the mom-and-pop stores (also mega-rental chain Blockbuster), where its offering was expanded from disc delivery service to digital (the company discontinued its disc delivery service in 2023). Under the leadership of Hastings, Netflix became a pioneer in the streaming industry, promoting similar services from Amazon, HBO, Disney, Hulu, and others.

“Reed built a culture of professionalism, integrity and high performance that defines who we are today,” the company said in an earnings report. “His vision and leadership pioneered the way the world enjoyed entertainment, and his legacy and impact will be felt not only by all of us at Netflix, but by people around the world.”

As Hastings prepares to exit, Netflix said Thursday it wants to push the boundaries of technology, including AI output. The report also mentions the latest developments of the exchange giant Acquisition of InterPositive, Ben Affleck’s AI company.

The company posted revenue of $12.25 billion in the first quarter, an increase of 16.2% from the same period last year. Netflix’s net income rose nearly 83% to $5.28 billion.