Netflix co-founder Reed Hastings to step down as chairman

The co-founder of Netflix, Reed Hastings, is leaving the company, stepping down as chairman of the streaming platform in June.

Hastings set up Netflix in 1997 with Marc Randolph, offering DVD film rentals to customers by post. Randolph, who served as its first chief executive, stepped down in 2003.

"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.

The announcement came as Netflix reported a 16% increase in revenue for the first quarter of 2026, its first set of results since its failed bid for Warner Bros Discovery.

The better than expected results were driven by higher membership prices and a boost in income from advertising on the platform. But Netflix's share price fell around 8%.

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

Co-chief executives Ted Sarandos and Greg Peters praised his leadership style and said his influence would continue to guide the platform.

Hastings' departure comes as the company faces a challenging juncture, with intense competition among streaming firms for subscribers, particularly if Paramount Skydance's planned takeover of Warner ⁠Bros goes ahead.

Netflix is expanding its focus to earn advertising from live and sporting events, including an upcoming heavyweight fight in the UK between Tyson Fury and Anthony Joshua.