Founder and Chairman of Netflix Reed Hastings He will step down from the streaming service’s board of directors in June when his term ends, the company said Thursday.
Hastings plans to focus on philanthropy and other endeavors. Hastings served as CEO of Netflix for more than 20 years until 2023 after taking over the role from his friend and fellow company co-founder Mark Randolph in the late 1990s.
“My true contribution to Netflix was not a single decision; it was to focus on member joy, build a culture that others can inherit and improve, and build a company that can be loved by members and wildly successful for generations to come,” he said in a statement.
The company announced Hastings’ departure with its quarterly results on Thursday, its first earnings report since then Stay away from her display To purchase Warner Bros. studio Discovery and streaming business in February.
Netflix shares fell nearly 9% to $98.32 in after-hours trading after the company’s outlook disappointed investors despite strong quarterly results.