Reed Hastings will step down as chairman of Netflix and not seek re-election to its board in June, bringing to a close a leadership journey spanning nearly three decades.
Hastings, 65, had already transitioned away from day-to-day operations in 2023, moving from co-CEO to executive chairman. Leadership responsibilities are now shared by Ted Sarandos and Greg Peters.
Widely credited with shaping Netflix’s evolution, Hastings led the company’s transformation from a DVDs-by-mail service into a global streaming and content powerhouse. His early push toward streaming and personalised viewing experiences helped define the modern entertainment landscape.
Announcing his decision alongside Netflix’s first-quarter earnings, Hastings said he plans to focus on philanthropy and other interests. Reflecting on his time at the company, he highlighted the global rollout of Netflix in 2016 as a defining milestone.
His departure comes at a time when Netflix is navigating slower growth and intensifying competition. A potential merger with Warner Bros. Discovery did not materialise earlier this year, with the company instead stepping aside as Paramount Skydance moved ahead with its own deal.
Despite this, Netflix reported strong quarterly performance, with revenue reaching $12.25 billion, up 16% year-on-year. Growth was driven by subscriber gains, advertising expansion, and pricing adjustments, with ad revenue projected to hit $3 billion in 2026.
As Hastings steps away, Netflix enters its next phase-balancing scale, innovation, and evolving viewer habits in an increasingly competitive streaming market.
