Netflix Co-Founder Reed Hastings Steps Down From Board

Hastings co-founded Netflix in 1997 and helped transform it into a global streaming giant.

Apr. 17, 2026 at 3:10pm

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A minimalist studio still life photograph featuring a sleek laptop, a stylized streaming remote, and a stack of DVDs, symbolizing the technological and cultural shifts that have defined Netflix's journey from a DVD-by-mail service to a global streaming powerhouse.As Netflix co-founder Reed Hastings steps away, the streaming giant's leadership transition reflects the company's continued evolution in the rapidly changing media landscape.Los Gatos Today

Netflix is undergoing a major leadership transition as co-founder and chairman Reed Hastings prepares to step away from the company he helped build. Hastings will not seek re-election to Netflix's board of directors when his term expires in June 2026. The company's co-CEOs, Ted Sarandos and Greg Peters, praised Hastings' vision and entrepreneurship in shaping Netflix over the years.

Why it matters

Hastings' departure marks the end of an era for Netflix, as he was one of the key figures who transformed the company from a DVD-by-mail service into a global streaming powerhouse. His exit comes as Netflix continues to face increasing competition in the crowded streaming landscape, making this leadership change an important moment for the company's future direction.

The details

In Netflix's first-quarter earnings report, the company announced that Hastings will not seek re-election to the board when his term expires in June 2026. Hastings co-founded Netflix with Marc Randolph in 1997 and served as co-CEO until early 2023, when he stepped down from that role. In a statement, Hastings said he plans to focus on his philanthropy and other pursuits. Netflix's current co-CEOs, Ted Sarandos and Greg Peters, praised Hastings' leadership and vision in shaping the company over the years.

  • Hastings co-founded Netflix with Marc Randolph in 1997.
  • Hastings stepped down as co-CEO in early 2023.
  • Hastings will not seek re-election to Netflix's board when his term expires in June 2026.

The players

Reed Hastings

The co-founder of Netflix who helped transform the company from a DVD-by-mail service into a global streaming giant. Hastings is stepping down from Netflix's board of directors in June 2026.

Ted Sarandos

The co-CEO of Netflix who joined the company in 2000 as chief content officer and helped lead its shift into original content production.

Greg Peters

The co-CEO of Netflix who joined the company in 2008 and has held various roles, including chief product officer and chief operating officer, before being named co-CEO in January 2023.

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What they’re saying

“Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999. I've had the privilege of working for and alongside a true history maker, and I look forward to marveling at all he will do next. He 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.”

— Ted Sarandos, Co-CEO, Netflix

“Reed will always be Netflix's founder and biggest champion — he is a part of our DNA. 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.”

— Greg Peters, Co-CEO, Netflix

What’s next

Netflix's board of directors will need to appoint a new member to replace Hastings when his term expires in June 2026.

The takeaway

Hastings' departure marks the end of an era for Netflix, as he was one of the key figures who transformed the company from a DVD-by-mail service into a global streaming giant. His exit comes at a critical time for Netflix as it faces increasing competition in the streaming landscape, making this leadership change an important moment for the company's future direction.