Netflix cofounder Reed Hastings to leave streaming service company's board
Fox Business • • business
Key Points:
- Netflix co-founder and current board chair Reed Hastings announced he will not seek re-election to the company's board at the upcoming Annual Meeting in June to focus on philanthropy and other pursuits.
- Netflix praised Hastings for building a culture of innovation and high performance, crediting his vision and leadership with pioneering global entertainment.
- Hastings expressed gratitude for his time at Netflix, highlighting his focus on member satisfaction and building a sustainable, beloved company.
- The announcement caused investor concern, with Netflix's stock price dropping about 10% after market close on Thursday.
- Hastings thanked Netflix co-CEOs Ted Sarandos and Greg Peters for their leadership, indicating confidence in their ability to continue driving the company's success.
