Reed Hastings, Netflix Co-Founder, to Conclude His 29-Year Tenure
Netflix co-founder and chairman Reed Hastings announced on Thursday, April 16, 2026, his decision to step down from the streaming giant’s board of directors. His departure will take effect when his term expires in June, marking the end of a remarkable 29-year journey with the company. Hastings played a pivotal role in transforming Netflix from a DVD-by-mail service into a global entertainment powerhouse.
Having served as CEO for 25 years before stepping down in 2023, Hastings will now focus on philanthropy and other pursuits, including his Powder Mountain ski resort in Utah. This announcement coincided with Netflix’s first-quarter 2026 earnings report, which revealed impressive figures. The company generated $12.25 billion in revenue, a 16.2% increase year-over-year, and net income of $5.28 billion, up nearly 83%.
Despite surpassing Wall Street expectations, Netflix shares experienced a 9% drop in extended trading following the announcement. However, the company now boasts more than 325 million global subscribers and is projected to reach $3 billion in advertising revenue in 2026, doubling its year-over-year performance.
In his farewell, Hastings expressed his gratitude to co-CEOs Ted Sarandos and Greg Peters. He fondly recalled “January 2016, when we enabled nearly the entire planet to enjoy our service” as his favorite memory. The company emphasized in an SEC filing that Hastings’ departure “is not as a result of any disagreement with the Company.”
Source: CNBC