Netflix co-founder Reed Hastings will not stand for re-election to the company’s board when his current term expires at the annual meeting in June, bringing to a close another chapter in the company’s leadership transition.
The streaming giant said Hastings is stepping down to focus on philanthropy and other pursuits, after helping build Netflix from a DVD rental business into one of the world’s leading entertainment platforms.
In a statement, Netflix said Hastings had built “a culture of innovation, integrity and high performance” and credited his vision and leadership with pioneering new ways for audiences around the world to consume entertainment.
“Netflix changed my life in so many ways, and my all‑time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,” said Hastings in a written statement. “My real contribution at Netflix wasn’t a single decision; it was a focus on member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by
members and wildly successful for generations to come.”
In response, Ted Sarandos, Netflix co-CEO, said: “Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999. I’ve had the privilege of working for, and alongside, a true history maker and I look forward to marveling at all he will do next. He has modeled for Greg and me a selfless, disciplined leadership style that will continue to shape how we lead Netflix in the exciting times ahead.”
Greg Peters, Netflix co-CEO, added: “Reed will always be Netflix’s founder and biggest champion—he is a part of our DNA. His vision, entrepreneurship, and steadfast commitment to our values have shaped
every stage of our journey and continue to shape how Ted and I lead Netflix today.”
