Netflix co-founder and Executive Chairman Reed Hastings announced on April 16, 2026, that he is stepping down from the company's board of directors and leaving the company.

 

Netflix co-founder and Executive Chairman Reed Hastings announced on April 16, 2026, that he is stepping down from the company's board of directors and leaving the company. 

Key Details of the Departure:

• Final Departure: Hastings will not stand for re-election when his term expires at the annual meeting in June 2026, ending his 29-year involvement with the company.
• Reason for Leaving: Hastings is leaving to focus on philanthropy and other personal pursuits.
• Role History: He previously stepped down as co-CEO in January 2023, transitioning to the role of executive chairman.
• Company Impact: Netflix stock dropped approximately 9% following the announcement.
• Leadership Transition: The company continues to be led by co-CEOs Ted Sarandos and Greg Peters. 

Hastings co-founded Netflix in 1997, transforming it from a DVD-by-mail service into a global streaming leader.