Netflix co-founder and chair Reed Hastings to leave board

Reed Hastings, the co-founder and chairman of Netflix, is leaving the company’s board when his term expires this summer. Hastings is stepping aside to focus on “philanthropy and other pursuits,” the company said in a letter to shareholders.

The departure was revealed in the company’s first-quarter earnings report published Thursday. Hastings will officially leave the board when his term is up in June, according to the filing.