Reed Hastings has informed that he will not stand for re-election to our board when his current term expires at the Annual Meeting in June, in order to focus on his philanthropy and other pursuits, the company said in a statement.
“Netflix changed my life in so many ways, and my all‑time favorite 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, 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. A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things,” Reed Hastings, Netflix co-founder and Chairman said.
Reed Hastings co-founded Netflix in 1997 and served as CEO for 25 years. Reed Hastings and Marc Randolph had an idea to rent DVDs by mail. They tested the concept by mailing themselves a DVD. The DVD arrives intact, and the idea for Netflix was born.
“Reed has been a singular source of inspiration for me, personally and professionally, since we met in 1999. I’ve had the privilege of working for, and alongside, a true history maker and I look forward to marveling at all he will do next. He has modeled for Greg and me a selfless, disciplined leadership style that will continue to shape how we lead Netflix in the exciting times ahead,” Ted Sarandos, Netflix co-CEO, said.
Greg Peters, Netflix co-CEO, said: “Reed will always be Netflix’s founder and biggest champion—he is a part of our DNA. His vision, entrepreneurship, and steadfast commitment to our values have shaped every stage of our journey and continue to shape how Ted and I lead Netflix today.”
Reed Hastings is a board member of Bloomberg and Anthropic, both private companies. He is an active educational philanthropist and was President of the California State Board of Education. Reed is currently on the board of several educational non-profits, including KIPP, City Fund, and the Charter School Growth Fund. He received a B.A. in math from Bowdoin College in 1983 and an M.S.C.S. in artificial intelligence from Stanford University in 1988. Between Bowdoin and Stanford, Reed served in the Peace Corps as a high school math teacher.
