Billionaire Netflix cofounder Reed Hastings is leaving the company

Reed Hastings will leave Netflix this summer. Kevin Dietsch/Getty Images 2026-04-16T20:45:44.946Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt.

Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Reed Hastings, who helped start Netflix in the late 1990s, is leaving the company's board. Hastings, who was CEO until 2023, will focus on "philanthropy and other pursuits," Netflix said. Co-CEO Ted Sarandos said Hastings modeled "a selfless, disciplined leadership style." AI-generated summary Summaries are generated by an AI model trained on Business Insider's articles. AI may make mistakes or provide inaccurate/incomplete information. We're unable to load that answer right now. Please try again. What impact did Hastings have on Netflix? What is the Hastings Initiative at Bowdoin? What are Hastings' future philanthropic plans? How will Hastings' departure affect Netflix? How does Netflix plan to honor Hastings' legacy? Netflix cofounder Reed Hastings will soon leave the company he helped turn from a DVD rental business into a streaming TV giant. Loading audio narration... Hastings won't seek reelection to Netflix's board and will split from the company in June, Netflix said on Thursday as it shared its first-quarter earnings report.Hastings, who was Netflix's CEO until 2023, will focus on "philanthropy and other pursuits," the company said. The Netflix cofounder's philanthropy includes giving $1.1 billion to the Silicon Valley Community Foundation, a large Bay Area charity, and helping launch the Hastings Initiative for AI and Humanity at Bowdoin College. Hastings has also been heavily involved in developing the Utah ski resort Powder Mountain.Forbes estimates Hastings' net worth at $5.8 billion. "Reed built a culture of innovation, integrity and high performance that defines who we are today," Netflix said in its first-quarter shareholder letter. "His vision and leadership pioneered how the world is entertained, and his legacy and impact are not only felt by all of us at Netflix, but by audiences around the world."In the shareholder letter, Hastings, who cofounded the company in 1997, said his "real contribution at Netflix wasn't a single decision." "It was a focus on member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by members and wildly successful for generations to come," Hastings said in the letter.Hastings gave a shout-out to his successors, co-CEOs Greg Peters and Ted Sarandos, "whose commitment to Netflix's greatness is so strong that I can now focus on new things." Peters said in the shareholder letter that "Reed will always be Netflix's founder and biggest champion," adding that "his vision, entrepreneurship, and steadfast commitment to our values have shaped every stage of our journey and continue to shape how Ted and I lead Netflix today."Sarandos said that Hastings "has modeled for Greg and me a selfless, disciplined leadership style that will continue to shape how we lead Netflix in the exciting times ahead." Netflix shares fell over 9.1% in after-hours trading following its first-quarter earnings report. Its second-quarter guidance came in lower than some investors anticipated.