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Netflix co-founder Reed Hastings will not seek re-election to the company’s board.
He is currently the chair of the streaming entertainment giant’s board of directors.
“Reed Hastings has informed us that he will not stand for re-election to our Board when his current term expires at the Annual Meeting in June, in order to focus on his philanthropy and other pursuits,” the company wrote in a recent Securities and Exchange Commission report.
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“Reed built a culture of innovation, integrity and high performance that defines who we are today. His vision and leadership pioneered how the world is entertained, and his legacy and impact are not only felt by all of us at Netflix, but by audiences around the world. On behalf of the Board and our shareholders, we extend our deepest thanks for his extraordinary leadership and service,” Netflix added.
Rich Greenfield of LightShed Partners and LightShed Ventures told CNBC that Hastings’ exit “is spooking investors.”
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The company’s stock price took a nosedive after the market close on Thursday, falling about 10% as of Friday morning prior to the market open.
Hastings noted, “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.”
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“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,” he added, referring to the company’s co-CEOs Ted Sarandos and Greg Peters.
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