Stories

Thu, 16 Apr 2026

Thu, 16 Apr 2026 Netflix co-founder Reed Hastings to step down as chairman

Hastings set up the company in 1997, when it rented DVDs to customers and delivered by post.

* Reed Hastings, co-founder and chairman of Netflix, is stepping down after nearly 30 years with the company.
* He will leave his role as executive chairman in June, but will not be replaced immediately.
* The decision to step down was driven by a desire to focus more on philanthropy and other pursuits.
* Netflix reported a 16% increase in revenue for the first quarter of 2026, despite its failed bid for Warner Bros Discovery.
* The company's share price fell around 8% after the announcement.
* Hastings co-founded Netflix in 1997 with Marc Randolph, who stepped down as CEO in 2003.
* Under Hastings' leadership, Netflix evolved from a DVD rental service to an entertainment giant producing its own content.
* Co-chief executives Ted Sarandos and Greg Peters praised Hastings' leadership style and said his influence will continue to guide the company.