It’s truly the end of an era.
Reed Hastings is leaving Netflix, the media pioneer he co-founded 29 years ago.
“Netflix changed my life in so many ways, and my all‑time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,” the current chairman of the streaming giant said Thursday as his exit was announced with the company’s latest earnings results.
Having stepped back significantly in recent years to focus on real estate initiatives and philanthropic endeavors, Hastings will not be standing for re-election to the Netflix board at the annual meeting in June. That month is actually when Hastings’ present term expires – end of game for a true Hollywood game-changer.
An SEC filing Thursday made sure to bleach any drama (WBD pursuit or otherwise) out of Hastings’ departure. “Mr. Hastings’ decision to not stand for re-election is not as a result of any disagreement with the Company,” Netflix told the feds.
“My real contribution at Netflix wasn’t a single decision; it was a focus on member joy, building a
culture that others could inherit and improve, and building a company that could be both beloved by
members and wildly successful for generations to come,” Hastings added. “A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”
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Speaking of Ted Sarandos and Greg Peters, the co-CEOs offered the expectant praise to their mentor and longtime boss today.
“Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999,” Sarandos said of the former CEO, harking back to the days when Netflix delivered DVDs via the mail in those snappy red envelopes.
“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,” the exec continued. “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.”
Peters chimed in: “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.”
Hasting shifted from the CEO job three years ago, fully handing over the reins to then co-CEO Sarandos. At the same time, COO Peters was promoted to continue the content/tech yin and yang that has traditionally characterized the company.
Focused in great part and hundreds of millions of dollars since 2023 on the Powder Mountain resort in Utah, Hastings has also continued his donor flexing in political affairs. The money-where-his-mouth-is progressive has been a constant contributor to Democrats over the years like Joe Biden, Gavin Newsom and Barack Obama. Last year he donated $2 million to Newsom’s successful Proposition 50 efforts to alter California congressional districts to meet GOP and MAGA moves elsewhere in the nation.
Hastings is estimated to own about 1% of Netflix’s stock, worth over $2 billion at present value.