Netflix Founder Reed Hastings, who transformed Netflix from a DVD subscription service into a global entertainment powerhouse, will step down from the company’s board in June, the company has announced. The current chairman and former CEO will not run for re-election.
The company, however, delinked his departure with the unsuccessful bid of Warner Bros.
Hastings and former Pure Software employee Marc Randolph co-founded Netflix way back in 1997, when the streamer wasn’t that, offering flat-rate DVD rentals by mail to customers in the United States. Suffice it to say, the business has changed quite a bit since then, but Hastings has stuck with his ever-growing and ever-changing Hollywood heavy-hitter.
Per the shareholder letter, Hastings will next 'focus on his philanthropy and other pursuits.' The official letter also notes that Hastings 'built a culture of innovation, integrity, and high performance that defines who we are today. His vision and leadership pioneered how the world is entertained, and his legacy and impact are not only felt by all of us at Netflix, but by audiences around the world.'
