Chair’s decision to not seek re-election in June ‘not as a result of any disagreement’, company says in SEC filing
Reed Hastings, the Netflix chair, is leaving the streaming service he co-founded 29 years ago as the company regains its footing after it lost its $72bn deal for Warner Bros Discovery.
In a letter to investors released on Thursday, Netflix said Hastings will not stand for re-election at its annual meeting in June and plans to focus on philanthropy and other pursuits.
The company’s stock dropped about 8% on the news of Hastings’ departure.
“Mr Hastings’ decision to not stand for re-election is not as a result of any disagreement with the company,” Netflix said in an SEC filing on Thursday. In a statement to Variety, Hastings said Netflix changed his life. The company has not named a successor.
