Reed Hastings, the visionary co-founder who transformed Netflix from a DVD-by-mail service into a global entertainment powerhouse, is stepping down as chairman, concluding his nearly three-decade tenure at the company he helped build.
Hastings, who co-founded Netflix in 1997 with Marc Randolph, announced his departure as the streaming giant reported a 16% revenue increase for the first quarter of 2026. The company attributed the strong performance to higher membership prices and growing advertising income.
In a statement, Hastings reflected on his journey, saying:
"Netflix changed my life in so many ways, and my all‑time favourite memory was January 2016, when we enabled nearly the entire planet to enjoy our service."
The executive, who stepped down as co-CEO in 2023 but remained as executive chairman, will leave his final role in June. Netflix said his decision was driven by a desire to focus more on philanthropy and other pursuits.
Hastings' departure comes at a pivotal moment for Netflix, which faces intensifying competition from rival streaming services and social media platforms like TikTok and YouTube. The company recently saw its share price drop approximately 8% following a failed bid for Warner Bros Discovery.
Commenting on the acquisition attempt, co-CEO Ted Sarandos noted:
"We said from the beginning it was a nice to have, not a need to have. Our biggest risk was losing focus on our core business… as you can see from our Q1 results we did not lose focus."
Under Hastings' leadership, Netflix evolved from mailing DVDs in distinctive red envelopes to producing award-winning original content like "Bridgerton" and "KPop Demon Hunters," fundamentally changing how audiences consume entertainment. The now $450 billion company is credited with popularizing binge-watching and reshaping Hollywood's business model.
Sarandos and co-CEO Greg Peters praised Hastings' leadership, stating his influence would continue to guide the platform. As Netflix navigates this transition, the company plans to expand into new areas including video podcasts, live music, gaming, and live sporting events—including a heavyweight boxing match between Tyson Fury and Anthony Joshua later this year.