Netflix co-founder Reed Hastings will not run for a seat on the board of directors after his term expires in June.

Reed Hastings, the co-founder and CEO of Netflix, announced that he will not run for a seat on the board of directors, marking the end of a transition that began three years ago when he stepped down from the co-CEO position. The company is now led by Ted Sarandos and Greg Peters.

Hastings stated that he will focus on his philanthropic activities, emphasizing the importance of member happiness and building a sustainable culture. Sarandos dismissed rumors that Hastings' withdrawal was related to Netflix's decision to withdraw from the bidding for Warner Bros. Discovery, stating that Hastings was a supporter of that deal.

Netflix, founded by Reed Hastings in 1997, has evolved from a DVD rental service to a streaming platform with 230 million global subscribers, recently expanding into sports broadcasting and podcasts. Under the new leadership, Netflix reported 325 million paying subscribers in January 2026.