Reed Hastings is leaving Netflix, the media pioneer he co-founded 29 years ago.
“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,” the current chairman of the streaming giant said today as his exit was announced with the company’s latest earnings results.
Having stepped back significantly in recent years to focus on real estate initiatives and philanthropic endeavors, Hastings will not be standing for re-election to the Netflix Board at the annual meeting in June. That month is actually when Hastings’ present term expires
“My real contribution at Netflix wasn’t a single decision; it was a focus on member joy, building aculture that others could inherit and improve, and building a company that could be both beloved bymembers and wildly successful for generations to come,” Hastings added. “A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”
Speaking of Ted Sarandos and Greg Peters …
The co-CEOS offered the expectant praise to their mentor and longtime boss today.
“Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999,” Sarandos said Thursday of the former CEO, harking back to the days when Netflix delivered DVDs via the mail in those snappy red envelopes.
“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,” the exec continued. “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 chimed in: “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.”
Focused in great part and hundreds of millions of dollars since 2023 on the Powder Mountain resort in Utah, Hastings has also continued his donor flexing in political affairs. The money where his mouth ius progressive has been a constant contributor to Democrats over the years like Joe Biden, Gavin Newsom and Barack Obama. Last year he donated $2 million to Newsom’s Proposition 50 efforts to alter California congressional districts to meet GOP and MAGA moves elsewhere in the nation.
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