Reed Hastings will leave Netflix’s board of directors when his term ends at the annual meeting in June, ending a 29-year career at the streaming giant he co-founded.
Hastings, who currently serves as chairman of Netflix, plans to focus on philanthropy and other projects, the company said on Thursday as it released first-quarter results.
Hastings’ departure may worry investors, given his status as one of the great entrepreneurs of the 21st century. He provided the initial capital to create Netflix as a DVD-by-mail service and replaced co-founder Marc Randolph as CEO in 1999. He guided the company through the battle against Blockbuster and was the driving force behind the move to streaming video.
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Under Hastings’ leadership, Netflix has brought the streaming service to more than 190 territories around the world, surpassing Hollywood studios to become the most valuable entertainment company on the planet. He stepped down as CEO in January 2023, handing the role over to co-CEOs Ted Sarandos and Greg Peters.
“Netflix has changed my life in so many ways,” Hastings said in a statement. “A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”
Netflix announced Hastings’ departure at the same time as it announced financial results for the first three months of the year. Revenue rose to $12.3 billion, beating analysts’ estimates thanks to strong growth in subscribers. For the current quarter, the company projected earnings per share of $0.78, below the $0.84 forecast by Wall Street analysts.
Netflix shares have jumped more than 40% since late February, when the company announced it would not increase its bid for Warner Bros. Discovery. Netflix’s proposal from Warner Bros. worried investors, who feared it was a sign that the company had run out of ideas. The time users spend on the Netflix platform has not increased in recent years.
Hastings has always avoided carrying out major mergers or acquisitions, believing that this would harm the company’s culture. Sarandos and Peters considered that Warner Bros. it was worth the risk, but they backed off when the price got too high.
Sarandos and Peters tried to reassure investors, stating that they remain confident and have a plan for the future, based on three main priorities: delivering more quality content, implementing new technologies and extracting more revenue from the subscriber base. The company intends to increase spending on programming this year, which is one of the main reasons why the current quarter’s profit may disappoint.
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Among other interests, Hastings has been developing a ski resort in Utah. He is also a member of the board of Bloomberg.
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