Netflix Founder Reed Hastings Departs Board, Denies Link to Failed Warner Bros. Deal

Hastings says he's leaving to focus on philanthropy as Netflix reports strong Q1 results.

Apr. 16, 2026 at 11:34pm

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A photorealistic studio still-life featuring a stack of business documents, a laptop, and a single red rose on a clean, monochromatic background, symbolizing the abstract corporate strategy and leadership changes at Netflix.The departure of Netflix co-founder Reed Hastings marks a symbolic shift in the streaming giant's corporate landscape.Los Gatos Today

Netflix co-founder and former CEO Reed Hastings announced he will not stand for re-election to the company's board of directors at the upcoming annual shareholder meeting in June, ending his 29-year run with the streaming giant. Hastings said he is leaving to focus on philanthropy and other pursuits, and denied any connection between his departure and Netflix's failed attempt to acquire Warner Bros. Discovery earlier this year.

Why it matters

Hastings' exit marks the end of an era for Netflix, as the company transitions to a post-Hastings leadership structure with co-CEOs Greg Peters and Ted Sarandos at the helm. While Netflix has shown it can thrive without Hastings in an operational role, his complete separation from the company is unusual in the tech industry, where founders often remain on the board for years.

The details

Netflix reported strong Q1 2026 results, with net income up 82.8% year-over-year to $5.3 billion and revenue rising 16.2% to $12.25 billion. The company also received a $2.8 billion termination fee after walking away from its proposed $82.7 billion acquisition of Warner Bros. Discovery. Co-CEO Sarandos said Hastings was a 'big champion' of the Warner Bros. deal, which the board unanimously supported, and that his departure had 'absolutely nothing' to do with the failed transaction.

  • Hastings announced he will not stand for re-election to Netflix's board at the company's annual shareholder meeting in June 2026.
  • Netflix reported its Q1 2026 financial results on April 16, 2026.

The players

Reed Hastings

The co-founder and former CEO of Netflix, who is stepping down from the company's board of directors after a 29-year run.

Greg Peters

The co-CEO of Netflix, who took full control of the executive role in January 2023 alongside Ted Sarandos.

Ted Sarandos

The co-CEO of Netflix, who took full control of the executive role in January 2023 alongside Greg Peters.

David Ellison

The founder of Paramount Skydance, which submitted a better proposal than Netflix's to acquire Warner Bros. Discovery.

Paramount Skydance

The media company that submitted a better proposal than Netflix's to acquire Warner Bros. Discovery, and paid Netflix a $2.8 billion termination fee.

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What they’re saying

“Reed was a big champion for that deal. He championed it with the board, the board unanimously supported the deal, so... that absolutely had nothing to do with it.”

— Ted Sarandos, Co-CEO, Netflix

“Sorry for anyone who was looking for some palace intrigue here, not so.”

— Ted Sarandos, Co-CEO, Netflix

“A special thanks to Greg and Ted, whose commitment to Netflix's greatness is so strong that I can now focus on new things.”

— Reed Hastings, Co-Founder and Former CEO, Netflix

What’s next

Netflix will hold its annual shareholder meeting in June 2026, where Hastings will officially step down from the board of directors.

The takeaway

Hastings' departure marks the end of an era for Netflix, as the company transitions to a post-Hastings leadership structure. While the failed Warner Bros. deal did not contribute to Hastings' exit, it highlights Netflix's strategic priorities going forward, including expanding into new content formats, leveraging technology, and improving monetization.