Netflix cofounder and chairman Reed Hastings plans to leave the company after nearly 30 years. The news comes as part of Netflix’s Q1 2026 earnings results released on Thursday, which says Hastings “will not stand for re-election to our Board when his current term expires at the Annual Meeting in June.”

After co-founding Netflix in 1997, Hastings served as CEO from 1999 to 2023, when he stepped down and took on the role of chairman. “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 says in the release.

Hastings is stepping down to focus on his “philanthropy and other pursuits,” according to Netflix.

During this quarter, Netflix reported revenue of $12.25 billion, marking a 16.2 percent year-over-year increase. The streaming giant says the jump was driven by “membership growth, higher pricing, and increased ad revenue.” It also netted a $2.8 billion breakup fee after walking away from an $83 billion deal to acquire the Warner Bros. studio and HBO Max.