Netflix co-founder and chairman Reed Hastings, who spent 25 years as CEO and revolutionized the entertainment business, is leaving the streaming giant’s board of directors.
The company said Thursday in a letter to investors in the first quarter of 2026 that Hastings will step down from Netflix’s board of directors when his current term expires at the company’s annual general meeting in June “to focus on philanthropy and other activities.” Netflix’s annual meeting of shareholders is scheduled for June 4, 2026 at 3:00 pm Pacific Time.
“Reed built the culture of innovation, integrity and high performance that defines our company today,” the company said. “His vision and leadership pioneered how the world is enjoyed, and his accomplishments and influence are felt not only by all of us at Netflix, but also by viewers around the world. On behalf of our board of directors and shareholders, we express our deep gratitude to him for his exceptional leadership and service.”
Hastings stepped down as co-CEO of Netflix in early 2023, after Ted Sarandos (former chief content officer) was named co-CEO in 2020. Hastings has since served as chairman.
“Netflix has changed my life in so many ways,” Hastings said in a statement. “My favorite memory was in January 2016, when nearly the entire planet became able to enjoy our service.” This is a reference to the fact that the company began streaming in 130 countries and territories 10 years ago.
Hastings continued, “My real contribution at Netflix wasn’t a one-time decision. It was about focusing on member joy, building a culture that others can inherit and improve upon, and building a company that our members love and that will be highly successful for generations to come.”
Hastings added that he would like to “express special thanks” to co-CEOs Ted Sarandos and Greg Peters. “Their dedication to the greatness of Netflix is so strong that I can now focus on new things.”
“Reed has been a unique source of inspiration for me personally and professionally since I met him in 1999,” Sarandos said in a statement. “I have had the privilege of working under and alongside a true history-maker, and I can’t wait to see what he does next.” “He has modeled a selfless and disciplined leadership style for me and Greg that will shape how we lead Netflix in the exciting years ahead.”
“Reed has always been Netflix’s founder and biggest champion, and he is part of our DNA. His vision, entrepreneurial spirit and steadfast commitment to our values have shaped every step of our journey and continue to shape how Ted and I lead Netflix today,” Peters said.
Related article: Netflix executives offer heartfelt praise to departing Reed Hastings: ‘Selfless, disciplined and gracious’
In its SEC filing, Netflix said in boilerplate terms about Hastings’ departure from the company’s board of directors: “Mr. Hastings’ decision not to run for re-election was not the result of any disagreement with the Company.”
Hastings co-founded Netflix in 1997. He currently serves on the boards of several education nonprofit organizations, including KIPP, City Fund, and Charter School Growth Fund.
In 2023, he purchased Powder Mountain Ski Resort in Eden, Utah. Last month, Hastings reflected on his departure as CEO of Netflix and his responsibility to manage ski resorts, and offered his thoughts on what he believes is the company’s biggest risk: the threat of AI-generated video. “Will AI transform content creation in such a way that young people will only watch YouTube, and will AI-enhanced YouTube content be so cool and sexy that it takes that much time?” Hastings said in an interview on “In Depth With Graham Bensinger.”
Hastings, whose current net worth is estimated at $5.8 billion (according to Forbes), has donated hundreds of millions of dollars to philanthropy.
In 2024, Hastings donated his Netflix stock, worth nearly $500 million at the time, to the Silicon Valley Community Foundation. The Silicon Valley Community Foundation is a nonprofit organization that works in the Bay Area to “bridge critical gaps and divides and implement strategies that reduce systemic inequalities.” Last year, Mr. Hastings donated $50 million to Bowdoin College in Maine. The university, a liberal arts college from which he graduated with a degree in mathematics in 1983, is designed to fund AI research and education within an “ethical framework.” And earlier this year, as Russia’s war against Ukraine enters its fourth year, he donated $5 million to the Ukrainian charity White Stoke.
