US EditionNetflix co-founder Reed Hastings to exit in June
Hastings will leave after 29 years, and Netflix said ad revenue is on track to reach $3 billion this year.
- Netflix co-founder and current chairman Reed Hastings announced on Thursday he will step down from the board after 29 years, declining to seek reelection at the June annual meeting to pursue philanthropic endeavors.
- Hastings stepped back as CEO in 2023, transitioning to executive chairman while delegating operations to co-CEOs Ted Sarandos and Greg Peters as he refocused on personal interests and real estate ventures.
- Netflix stock tumbled as much as 10% after hours following the announcement, falling from $107 to $97 amid mixed Q1 earnings and weak Q2 guidance that fell below analyst consensus estimates.
- After walking away from the Warner Bros. Discovery acquisition in February, Netflix received a $2.8 billion termination fee and refocused strategy on engagement, advertising, and pricing—avoiding substantial debt and regulatory scrutiny.
- Successors Sarandos and Peters now oversee a platform with more than 325 million global subscribers, though Forrester analyst Mike Proulx noted Netflix faces intensifying competition as the streaming market becomes "more crowded at the top.
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181 Articles
American entrepreneur Reid Hastings, who co-founded Netflix 29 years ago, will resign as chairman of the board of directors and leave the company after his term expires in June.
Netflix clearly exceeds the winning expectations in the first quarter, but disappointing forecasts for the second quarter lead to a price drop. In addition, co-founder Reed Hastings leaves the board – a significant cut for the streaming pioneer.
Netflix shares plunge after weak revenue outlook; co-founder Reed Hastings to leave board
by Marcus Sterling - Netflix shares tumble after weak revenue forecast and co-founder Reed Hastings to leave boardLos Angeles — Netflix reported quarterly results and issued a forward revenue and earnings outlook that disappointed investors, the company said, and announced that co-founder ...
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