tech
Co-founder Reed Hastings to step down from Netflix board
Chair’s decision to not seek re-election in June ‘not as a result of any disagreement’, company says in SEC filing
TL;DR
- Netflix chair Reed Hastings is stepping down from the company's board.
- Hastings co-founded Netflix 29 years ago and led its transition from a DVD-by-mail service to a streaming giant.
- His decision to not stand for re-election is not due to any disagreement with the company.
- Netflix's stock dropped approximately 8% following the announcement of Hastings' departure.
- The company reaffirmed its ambitious mission and unchanged financial outlook, reporting revenue of $12.25 billion.
- Netflix is focusing on expanding entertainment offerings, including video podcasts and live events, and improving user experience through technology.
- Advertising revenue is projected to reach $3 billion in 2026.