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Board Departure · Earnings · Netflix · Reed Hastings
Reed Hastings, Netflix cofounder and chairman, will step down from the streaming service's board of directors in June when his term expires, a move announced alongside disappointing quarterly outlook that caused Netflix shares to fall nearly 9% in after-hours trading.
Hastings plans to focus on philanthropy and other pursuits after serving as Netflix’s CEO for over 20 years until 2023, having taken over the role from co-founder Marc Randolph in the late 1990s. He stated his primary contribution was fostering "member joy" and building a sustainable company culture.
The company's announcement of Hastings' departure coincided with its quarterly results, which marked the first earnings report since Netflix walked away from its offer to acquire Warner Bros. Discovery's studio and streaming business in February.
Despite reporting strong quarterly results, Netflix's forward outlook disappointed investors, leading to the significant share price decline to $98.32 per share. This transition marks a further step in the leadership evolution for the streaming giant.
