Netflix co-founder and chairman Reed Hastings plans to depart the corporate after practically 30 years. The information comes as a part of Netflix’s Q1 2026 earnings results released on Thursday, which says Hastings “won’t stand for re-election to our Board when his present time period expires on the Annual Assembly in June.”
After co-founding Netflix in 1997, Hastings served as CEO from 1999 to 2023, when he stepped down and took on the role of chairman. “My actual contribution at Netflix wasn’t a single determination; it was a deal with member pleasure, constructing a tradition that others might inherit and enhance, and constructing an organization that could possibly be each beloved by members and wildly profitable for generations to return,” Hastings says within the launch.
Hastings is stepping right down to deal with his “philanthropy and different pursuits,” based on Netflix.
Throughout this quarter, Netflix reported income of $12.25 billion, marking a 16.2 % year-over-year enhance. The streaming big says the bounce was pushed by “membership development, larger pricing, and elevated advert income.” It additionally netted a $2.8 billion breakup payment after strolling away from an $83 billion deal to accumulate the Warner Bros. studio and HBO Max.