Reed Hastings, co-founder of Netflix, to step down from the board next June
According to the Cinemadrame news agency, Netflix’s quarterly letter to shareholders, published on Thursday, announced an important update: Reed Hastings, co-founder and current chairman of the board, will not stand for re-election to the board after the end of his term in June.
Reed Hastings and Marc Randolph, former employees of Pure Software, founded Netflix in 1997, at a time when the service did not yet exist in its current form and the concept of streaming had not yet taken shape. At that time, Netflix offered DVD rental services at a flat rate through mail delivery within the United States. Since then, the business has undergone major transformations and has become one of the key players in the entertainment industry, with Hastings continuing to play an important role in its growth.
According to the shareholders’ letter, after stepping down from the board, Hastings plans to focus on charitable activities and other personal projects. The letter also states that he “created a culture of innovation, integrity, and high performance that shapes our identity today. His vision and leadership changed the way the world is entertained, and his legacy and impact are felt not only at Netflix but among audiences worldwide.”
Hastings also said: “Netflix changed my life in many ways, and one of my best memories is from January 2016, when we were able to give almost everyone in the world access to our service. My real contribution to Netflix was not a single decision, but focusing on member satisfaction, building a culture that others could sustain, and creating a company that is both loved by users and successful for future generations. I also want to thank Greg and Ted, because their commitment to Netflix’s success has allowed me to now focus on new paths.”
He stepped down as co-CEO of Netflix in January 2023, when Greg Peters, the company’s former Chief Operating Officer, replaced him and now jointly runs Netflix with Ted Sarandos. After stepping down from that role, Hastings continued to serve as executive chairman of the company.
Ted Sarandos said in response: “Reed has been an extraordinary source of inspiration in both my professional and personal life since I met him in 1999. It has been a great honor to work with someone who has made history, and I look forward to seeing what he does next. He taught me and Greg a leadership style based on accountability and focus, and this approach continues to shape Netflix’s future.”
Greg Peters added: “Reed will always be the founder and greatest supporter of Netflix. He is part of the company’s DNA. His vision, entrepreneurial spirit, and commitment to values have influenced every stage of our growth and continue to shape how Ted and I lead.”
In May 2025, Hastings also joined the board of the artificial intelligence company Anthropic. He has previously served on the boards of companies such as Facebook, Microsoft, and Bloomberg.
Netflix’s other co-founder, Marc Randolph, left the company in 2002 after helping guide it through its IPO in 2000.
