April 16 (UPI) -- Netflix found and former CEO Reed Hastings announced on Thursday that he will resign from its board and leave the company later this year.

Tucked into Netflix's quarterly shareholder letter: founder and current board chairman Reed Hastings will not stand for re-election.

Tucked into Netflix's quarterly shareholder letter: founder and current board chairman Reed Hastings will not stand for re-election.

Netflix co-founder and chairman Reed Hastings, who served as CEO for 25 years, is leaving the streaming giant's board of directors.

LOS ANGELES, April 16 : Netflix Chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago as the company regains its footing after it lost its $72 billion deal for Warner Bros Discovery. In a letter to investors released on Thursday, Netflix said Hastings will not stand for re-elec

Hastings' departure may worry investors given his status as one of the great entrepreneurs of the 21st century.