"My real contribution wasn’t a single decision,” says Reed Hastings as he exits Netflix

Reed Hastings, the co-founder of Netflix, is set to leave the streaming giant he helped establish nearly 30 years ago. He will relinquish his role as chairman by the end of June, as he shifts his focus towards philanthropy and other interests. In a heartfelt letter to shareholders, Hastings reflected on the profound impact Netflix has had on his life, recounting a standout moment from January 2016 when the service became accessible to audiences worldwide. "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 creating a company that is both beloved by its members and successful for generations to come," he noted. Hastings expressed gratitude towards co-CEOs Ted Sarandos and Greg Peters, acknowledging their strong commitment to the company's future, allowing him to explore new opportunities. This announcement coincided with Netflix's recent financial report, which revealed a remarkable 16.2% revenue increase in the first quarter of 2026. The company's revenue surged to $12.25 billion, with net income soaring nearly 83% to $5.28 billion. This impressive performance was partly attributed to higher subscription prices and a rise in advertising revenue, following Netflix's unsuccessful bid for Warner Bros. Discovery. The company's earnings report praised Hastings for fostering a culture of innovation and integrity, stating, "His vision and leadership pioneered how the world is entertained, and his legacy is felt by all of us at Netflix and audiences globally." As Hastings prepares to depart, Netflix is poised to enter a new chapter, focusing on emerging technologies such as generative AI. The company has already taken a step in this direction by acquiring InterPositive, an AI venture associated with Ben Affleck.