Netflix cofounder and chairman will step down from the streaming service鈥檚 board of directors in June when his term expires, the company said on Thursday.
Hastings plans to focus on philanthropy and other pursuits. Hastings had served as Netflix鈥檚 CEO for more than 20 years until 2023 after taking over the role from his friend and fellow company co-founder Marc Randolph in the late 1990s.
鈥淢y real contribution at Netflix wasn鈥檛 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,鈥� he said in a statement.
The company announced Hastings’ departure along with its quarterly results Thursday, its first earnings report since to buy Warner Bros. Discovery鈥檚 studio and streaming business in February.
Netflix shares fell nearly 9% to $98.32 in after-hours trading after the company’s outlook disappointed investors despite strong quarterly results.
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