Reed Hastings - Netflix co-founder and chairman, will leave the Netflix board of directors when his term ends in June. The information was announced in the company's Q1 business results report.
According to Netflix, Hastings decided to withdraw to spend time on charity activities and other personal goals.
In a message to shareholders, he shared his journey at Netflix that changed his life in many ways, while emphasizing the memorable milestone of January 2016, when the company's service almost covered the globe.
My contribution is not in a single decision, but in building a user-centered culture, creating a foundation for future generations to inherit and develop," Hastings wrote.
He also thanked the current leadership, including CEO Ted Sarandos and co-CEO Greg Peters, who are directly running the company during the transition period.
Netflix's journey began in 1999, when Hastings and Marc Randolph deployed a mail-based DVD rental model in the form of registration. At that time, the market was still dominated by traditional video rental stores, notably the Blockbuster chain.
However, by switching to digital platforms, Netflix has completely changed the way users access entertainment content.
The company gradually abandoned the physical disc model (officially discontinued in 2023) to focus on streaming, opening a new era for this industry.
Under Hastings' leadership, Netflix not only became a pioneer but also inspired a series of competitors to enter the market such as Amazon, Disney or HBO.
In the report, Netflix assessed that Hastings has contributed to building an innovation, integrity and high performance culture, laying the foundation for long-term development.
His vision not only shapes the company but also changes the way the entertainment world operates," the report stated.
In another development, Netflix said it is strongly expanding into new technology fields, especially generative AI. Recently, the company also acquired InterPositive, an AI startup related to Ben Affleck (a famous American actor, director, producer and screenwriter).
Regarding business results, Netflix recorded Q1 revenue of 12.25 billion USD, up 16.2% compared to the same period last year. Net profit reached 5.28 billion USD, up nearly 83%, showing strong growth despite increasing competition in the streaming industry.
Hastings' departure from the board of directors marked a symbolic shift, closing the direct role of one of the shapers of the digital entertainment industry. However, the legacy he left is expected to continue to have a profound impact in the years to come.
