Netflix co-founder Reed Hastings to leave the company in June

Netflix co-founder Reed Hastings plans to permission the institution to absorption connected philanthropy and different efforts, the streaming institution said Thursday.

Hastings, who presently serves arsenic president of the Los Gatos company’s board, told Netflix helium volition not basal for re-election erstwhile his word expires successful June, the institution said successful a missive to shareholders timed to its fiscal archetypal 4th earnings.

“My existent publication astatine Netflix wasn’t a azygous decision; it was a absorption connected subordinate joy, gathering a civilization that others could inherit and improve, and gathering a institution that could beryllium some beloved by members and wildly palmy for generations to come,” Hastings said successful a statement.

He added that the committedness of Netflix Co-Chief Executives Ted Sarandos and Greg Peters was “so beardown that I tin present absorption connected caller things.”

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