Netflix cofounder Reed Hastings steps down as chair after nearly 30 years

Reed Hastings will not stand for re-election to Netflix’s board and will step down as chairman when his current term expires at the June annual meeting, ending nearly 30 years with the company to focus on philanthropy and other pursuits. Netflix reported $12.25 billion in Q1 2026 revenue, up 16.2% year‑over‑year, driven by member growth, higher pricing, and ad revenue, while continuing to push into live content, podcasts, and games; it also paid a $2.8 billion breakup fee after walking away from an $83 billion Warner Bros. deal, raised prices to $19.99 for the cheapest ad‑free plan, and plans a mobile app revamp focused on vertical video.