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Reed Hastings to Leave Netflix Board in June After Q1 Earnings Beat
Netflix announced that co-founder Reed Hastings will not seek re-election to the board and will depart in June to focus on philanthropy and other pursuits. The company reported Q1 2026 revenue of $12.25 billion, exceeding estimates, with earnings per share at $1.23, boosted by a $2.8 billion termination fee from a collapsed Warner Bros. deal.
Apr 16, 4:00 PM·1m read25 sources
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Netflix co-founder Reed Hastings will leave the company's board in June, the company stated in its Q1 2026 shareholder letter.
Hastings, who co-founded Netflix in 1997 and served as CEO until 2023, will not stand for re-election at the annual meeting. The departure coincides with Netflix's first-quarter earnings report released on April 16, 2026.
Guidance Netflix reported Q1 revenue of $12.
17 billion. 67 billion estimate. 8 billion termination fee from a collapsed deal with Warner Bros. Discovery. 84. 7 billion.
“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.”
" — Reed Hastings, April 16, 2026 (Netflix shareholder letter). Co-CEO Ted Sarandos stated that Hastings modeled a selfless, disciplined leadership style. Co-CEO Greg Peters said Hastings' vision and commitment shaped Netflix's journey.
Netflix's shareholder letter noted that Hastings built a culture of innovation, integrity, and high performance.
stepped down as co-CEO in early 2023, after Ted Sarandos was named co-CEO in 2020.
1 billion donation to the Silicon Valley Community Foundation and launching the Hastings Initiative for AI and Humanity at Bowdoin College. Hastings has also developed the Powder Mountain ski resort in Utah. 8 billion.
Netflix shares fell over 9% in after-hours trading following the announcements.
