End of an era for Netflix: Co-founder Reed Hastings to exit board after June AGM

Netflix co-founder and Chairman Reed Hastings will not seek re-election to the company’s board when his term expires at the annual meeting in June, the streaming giant said on Thursday, marking the end of an era for one of the pioneers of the global online entertainment industry.

Hastings, who co-founded Netflix in 1997 and led it for more than two decades, said he would shift his focus to philanthropy and other pursuits after stepping down.

“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,” Hastings said in a 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,” he added.

Netflix credited Hastings with shaping a culture of innovation and high performance that helped transform how audiences consume entertainment worldwide.

Co-CEO Ted Sarandos said Hastings had been “a true history maker” and a personal inspiration since they first met in 1999, while co-CEO Greg Peters said the founder’s vision and values would continue to guide the company’s leadership.

The announcement came alongside Netflix’s first-quarter update, where the company reported revenue growth of 16% year-on-year and an 18% rise in operating income, both exceeding its own forecasts due to stronger-than-expected subscription revenue.

“We continue to project 2026 revenue of $50.7-$51.7B and an operating margin of 31.5%,” it said in a letter to shareholders.

The company said it remained focused on expanding entertainment offerings, including video podcasts, live events and gaming, while leveraging artificial intelligence to enhance user experience and creator tools.

It added that its advertising business was on track to reach $3 billion in revenue in 2026, roughly doubling from the previous year.

Despite intensifying competition in the streaming sector, Netflix said it remained confident in its long-term growth strategy, emphasising continued investment in content, technology and monetization.