Netflix Co-Founder Reed Hastings Steps Down as Chairman
Reed Hastings, the co-founder of Netflix, is stepping away from the company after nearly three decades, marking the end of an era for the streaming giant he helped build.
Hastings confirmed he will not stand for re-election as chairman at the company’s annual meeting in June, saying that he plans to focus on philanthropy and other interests. Reflecting on his time at Netflix, he said: "Netflix changed my life in so many ways, and my all-time favourite memory was January 2016, when we enabled nearly the entire planet to enjoy our service."
His exit comes just as Netflix posted strong financial results. The company reported a 16% rise in revenue for the first quarter of 2026, driven by higher subscription prices and growing advertising income. Revenue reached $12.25bn, slightly ahead of expectations.
Despite the positive results, the company’s shares dropped around 8–10% after the announcement, with analysts suggesting investors were unsettled by the departure of a figure who is seen as central to Netflix’s identity.
Hastings co-founded Netflix in 1997 alongside Marc Randolph, originally running it as a DVD-by-mail service before transforming it into a global streaming platform. Under his leadership, the company has reshaped how audiences watch TV and films, pushing binge-watching into the mainstream and producing hit original content.
He stepped down as co-chief executive in 2023 but remained closely involved as executive chairman until now.
The leadership team, including co-CEOs Ted Sarandos and Greg Peters, said his influence will continue to shape the company going forward.
The announcement also follows Netflix’s failed attempt to acquire Warner Bros Discovery earlier this year. Addressing the setback, Sarandos said: "We said from the beginning it was a nice to have, not a need to have. Our biggest risk was losing focus on our core business… as you can see from our Q1 results we did not lose focus."
Netflix received a multibillion-dollar termination fee after walking away from the deal but has not yet said how it plans to use the money.
Looking ahead, the company is focusing on new ways to grow, including expanding into live events, gaming, and video podcasts. It is also continuing to invest in advertising, which is expected to bring in billions in revenue this year.
However, competition remains intense, with rival streaming platforms and social media services like TikTok and YouTube all competing for viewers’ attention.
