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Netflix co-founder Reed Hastings will not seek re-election to the company’s board of directors.
He currently serves as chairman of the streaming entertainment giant’s board of directors.
“Reed Hastings has informed us that he will not seek re-election to our Board of Directors when his current term expires at the annual meeting in June, in order to focus on his philanthropy and other pursuits,” the company wrote in a recent report from the Securities and Exchange Commission.
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Netflix co-founder and CEO Reed Hastings is in Sydney to meet with executives from other subscription streaming services, February 25, 2022. (Wolter Peeters/Fairfax Media via Getty Images/Getty Images)
“Reed built a culture of innovation, integrity and high performance that defines who we are today. His vision and leadership pioneered the way the world is entertained, and his legacy and impact are felt not only by all of us at Netflix, but by audiences around the world. On behalf of the Board of Directors and our shareholders, we express our deepest gratitude for his extraordinary leadership and service,” Netflix added.
Rich Greenfield of LightShed Partners and LightShed Ventures shared CNBC that Hastings’ departure ‘scares investors’.
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The Netflix logo is seen on the roof of an office building in Los Angeles, California on April 16, 2026. (Michael Yanow/NurPhoto via Getty Images/Getty Images)
The company’s stock price took a nosedive after the market close on Thursday and fell about 10% on Friday morning ahead of the market open.
Hastings commented, “Netflix has changed my life in so many ways, and my all-time favorite memory was January 2016, when we enabled almost the entire planet to enjoy our service.”
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Reed Hastings, co-founder of Netflix Inc., during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on Thursday, July 10, 2025. (David Paul Morris/Bloomberg via Getty Images)
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“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 on, and building a company that could be both loved by members and wildly successful for generations to come. A special thanks to Greg and Ted, whose commitment to the greatness of Netflix is so strong that I can now focus on new things,” he added, referring to the company’s co-CEOs, Ted Sarandos and Greg Peters.
