Netflix Co-founder Reed Hastings to Step Down as Chairman

Reed Hastings, who co-founded Netflix in 1997, is set to depart as chairman in June. Hastings has overseen the company's transformation from a postal DVD rental service to a global entertainment behemoth, now valued at USD#450 billion.

The news coincides with Netflix's Q1 2026 financial report, which detailed a 16% rise in revenue. This growth was attributed to increased membership prices and advertising income, following a recent unsuccessful bid for Warner Bros Discovery. Despite the positive revenue figures, the company's share price saw an 8% decline.

Co-chief executive Ted Sarandos downplayed the failed acquisition, stating it was a 'nice to have, not a need to have', emphasising the company's focus on its core business. Hastings' decision to leave is reportedly driven by a desire to pursue philanthropic interests.

Hastings initially stepped down as co-chief executive in 2023, retaining the executive chairman role until his upcoming departure. His exit comes at a critical time, as Netflix navigates escalating competition from rival streaming services and social media platforms. The company has indicated plans to strengthen its core content offering and expand into new ventures, including video podcasts, live music, gaming, and live sports broadcasting, with a major UK boxing event scheduled for later this year.