Netflix co-founder Reed Hastings plans to leave the company to focus on philanthropy and other efforts, the streaming company said Thursday.
Hastings, who currently serves as chairman of the Los Gatos company’s board, told Netflix he will not stand for re-election when his term expires in June, the company said in a letter to shareholders timed to its fiscal first quarter earnings.
“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,” Hastings said in a statement.
He added that the commitment of Netflix Co-Chief Executives Ted Sarandos and Greg Peters was “so strong that I can now focus on new things.”
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