Reed Hastings’s exit from $455 billion Netflix ‘had nothing to do with’ the failed Warner Bros. deal, says Ted Sarandos

The next episode for Netflix? The start of a post–Reed Hastings era. 

The 65-year-old cofounder and former CEO of the world’s largest streaming service announced on Thursday that he won’t stand for reelection to the board at the company’s annual shareholder meeting in June, ending a 29-year run at the company he created in 1997. In a statement included in the first quarter investor letter, the billionaire said he’s leaving to focus on philanthropy “and other pursuits.” He gave shoutouts to co-CEOs Greg Peters and Ted Sarandos, who took full control of Hastings’s executive role in January 2023.  

“A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things,” said Hastings.

While Netflix has shown its business can thrive without Hastings in an operating role, the founder’s complete separation from the company is something of an anomaly in the tech world where founders typically remain on the board of directors for years. Nor did the timing of Hastings’s exit—coming shortly after Netflix’s failed attempt to acquire Warner Bros.—go u...