Reed Hastings, co-founder of Netflix, will not stand for re-election to the company's board at its annual meeting in June, effectively ending his formal affiliation with the streaming giant he helped establish 29 years ago. The decision was confirmed in an SEC filing released after the company's annual shareholder meeting on Thursday.
Following the vote, venture capitalist Jay Hoag, a longtime Netflix investor and board member, was elected as chairman. Hastings had previously stepped down as executive chairman in 2023 and transitioned from CEO three years ago, handing leadership to co-CEOs Ted Sarandos and Greg Peters. The company stated that Hastings' departure was not due to any disagreement.
“Netflix changed my life in so many ways, and my all‑time favourite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,” Hastings said in a statement. “My 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.” He added that he is now able to focus on new ventures, including real estate projects and philanthropic efforts.
Hastings has been heavily involved in the Powder Mountain resort in Utah since 2023 and has donated millions to Democratic political causes, including $2 million to Governor Gavin Newsom's Proposition 50 campaign. He retains roughly 1% of Netflix's stock, valued at over $2 billion.
Sarandos praised Hastings as a “singular source of inspiration,” while Peters noted he will “always be Netflix’s founder and biggest champion.” The company now boasts over 325 million subscribers and a projected $50 billion in annual revenue, with a market valuation nearing $500 billion.
