Reed Hastings, co-founder and chairman of Netflix, will step down from the board of directors in June when his term expires. He plans to focus on philanthropic endeavors and other pursuits after nearly three decades with the company he established in 1997, initially as a DVD rental service.
The announcement came alongside Netflix’s quarterly earnings report, the first since the company withdrew its offer to acquire Warner Bros. Discovery’s studio and streaming business in February. Netflix stated Hastings’ decision was not due to any disagreement.
Despite strong quarterly results, Netflix shares fell nearly 9% in after-hours trading following a disappointing outlook for investors. The company reaffirmed its long-term mission in a letter to shareholders. Hastings previously served as CEO for over 20 years, emphasizing a focus on customer satisfaction and building a sustainable company culture.