After nearly three decades, Netflix founder Reed Hastings is stepping down from the board of directors at the streaming giant.
The exec will focus on his philanthropic efforts and won’t stand for reelection at the Netflix annual meeting in June, the company said on Thursday. While it marks the formal end of an era, Hastings had stepped back from his day-to-day CEO role at the company in 2023 to become executive chairman, elevating Greg Peters and Ted Sarandos as his successors.
“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,” Hastings stated. “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.”
Of late, Hastings has traded streaming mogul for skiing mogul. The exec bought a stake in Utah’s Powder Mountain after he stepped away as Netflix CEO and has been refurbishing the 8,464-acre property as a luxury resort. He’s invested more than $100 million in “PowMow” to remake it as an exclusive destination (Hastings describes himself as an “avid” snowboarder).
Meanwhile, his successors at Netflix have shepherded the former DVD-by-mail company into a goliath with more than 325 million global subscribers and have build new revenue streams in advertising and merchandise.
As Hastings transitions away, Netflix co-CEO Ted Sarandos stated: “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.”
And fellow co-chief Greg Peters noted: “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.”
More to come.
