Netflix Founder Reed Hastings to step down

The announcement of his departure, which will take effect in June 2026, came as Netflix announced a 16% increase in revenue for the first quarter of 2026.

The company beat Wall Street expectations, reporting $12.25bn revenues for the first quarter. Its net income was $5.28bn.

Hastings set up Netflix in 1997 with Marc Randolph, offering DVD film rentals by post. He then oversaw the company’s evolution into a global streaming platform producing its own content.

Netflix said Hastings' decision to step down was driven by a desire to focus more on philanthropy and other pursuits.

He stepped down as Co-Chief Executive in 2023, transitioning to Executive Chairman. Greg Peters, who had served as Chief Operating Officer, stepped into the Co-CEO role alongside Ted Sarandos.

“Netflix changed my life in so many ways, and my all‑time favourite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,” Hastings said. “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. A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”

At the end of 2025, Netflix surpassed 325 million global paid subscribers. Hastings’ departure comes just months after Netflix pulled out of the bidding for Warner Bros Discovery’s streaming and studio assets.

Netflix recently raised its prices for customers in the United States, with all subscription tiers rising by at least $1. Discover more here.