Reed Hastings will step down as chairman of Netflix after deciding not to seek re-election to the company’s board when his current term expires at its annual meeting in June.

The company announced this in its Q1 2026 letter to shareholders on Thursday.

The streaming platform said Mr Hastings is stepping away to focus on philanthropy and other pursuits.

“Reed built a culture of innovation, integrity and high performance that defines who we are today,” the company said in the letter. “His vision and leadership pioneered how the world is entertained.”

Mr Hastings, reflecting on his time at the company he co-founded in 1997, said, “Netflix changed my life in so many ways, and my all-time favourite memory was January 2016, when we enabled nearly the entire planet to enjoy our service.”

“My real contribution at Netflix wasn’t a single decision; it was a focus on member joy… and building a company that could be both beloved by members and wildly successful for generations to come,” he said.

Netflix co-CEO Ted Sarandos praised Mr Hastings as “a true history maker”, adding that his leadership style would continue to shape the company’s future.

Fellow co-CEO Greg Peters said the outgoing chairman’s influence is part of the company’s “DNA”.

The 65-year-old billionaire served as the company’s chief executive officer for over two decades. He stepped down in 2023 before taking on the role of chairman.

Under Mr Hastings’ leadership, the company expanded to more than 190 countries, producing award-winning films and series.