Netflix Co-Founder Reed Hastings Is Leaving the Streamer in June
Tucked into the streamer's quarterly shareholder letter: the news that the founder and current chairman of the board will not stand for re-election when his term expires in June.
by Kate Erbland · IndieWireTucked into Netflix‘s quarterly shareholder letter, issued on Thursday, some news: co-founder and current chairman of the board Reed Hastings will not stand for re-election when his term expires in June.
Hastings and former Pure Software employee Marc Randolph co-founded Netflix way back in 1997, when the streamer wasn’t that (when, in fact, streaming didn’t exist!), offering flat-rate DVD rentals by mail to customers in the United States. Suffice it to say, the business has changed quite a bit since then, but Hastings has stuck with his ever-growing and ever-changing Hollywood heavy-hitter.
Per the shareholder letter, Hastings will next “focus on his philanthropy and other pursuits.” The official letter also notes that Hastings “built a culture of innovation, integrity, and high performance that defines who we are today. His vision and leadership pioneered how the world is entertained, and his legacy and impact are not only felt by all of us at Netflix, but by audiences around the world.”
Hastings added, “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. 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. A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”
In January 2023, Hastings stepped down from his co-CEO role. He was succeeded by Greg Peters, the former chief operating officer of Netflix, who now shares the top job with Ted Sarandos. Upon his departure from the position, Hastings became the streamer’s executive chairman.
Added Sarandos, “Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999. I’ve had the privilege of working for, and alongside, a true history maker and I look forward to marveling at all he will do next. He has modeled for Greg and me a selfless, disciplined leadership style that will continue to shape how we lead Netflix in the exciting times ahead.”
Peters shared, “Reed will always be Netflix’s founder and biggest champion — he is a part of our DNA. His vision, entrepreneurship, and steadfast commitment to our values have shaped every stage of our journey and continue to shape how Ted and I lead Netflix today.”
In May 2025, Hastings was appointed to the board of directors of AI company Anthropic. He had previously served on the boards of Facebook, Microsoft, and Bloomberg.
Netflix’s other co-founder, tech entrepreneur Marc Randolph, left Netflix in 2002 after helping guide the company through its initial public offering in 2000.