Netflix co-founder Reed Hastings to exit company, saying it’s so strong it doesn’t need him anymore

Reed Hastings, Netflix’s co-founder and executive chairman, will depart the company in June 2026, marking the end of his 25-year tenure at the streaming giant. Hastings, 65, cited Netflix’s financial strength and operational independence as reasons for his exit, stating the company no longer requires his leadership after stepping down as co-CEO in 2023. The announcement coincided with Netflix’s Q1 2026 earnings, which exceeded expectations due to subscriber growth, price hikes, and a $2.8 billion breakup fee from the collapsed Warner Bros. Discovery deal. His departure follows a strategic shift in Netflix’s leadership, with co-CEOs Ted Sarandos and Greg Peters now fully steering the company’s direction and growth. The move underscores Netflix’s confidence in its market dominance, as Hastings exits during a period of record profitability and industry leadership.