April 16 (UPI) -- Netflix found and former CEO Reed Hastings announced on Thursday that he will resign from its board and leave the company later this year.
Hastings, whose idea for a mail-based DVD rental service that invented the television and movie streaming industry, said in a statement that when his term as chairman of the Netflix board ends in June, he will not seek re-election, The Los Angeles Times reported.
He said he made the decision to leave because the company's current co-chief executives, Ted Sarandos and Greg Peters, are "so strong that I can focus on new things."
The exponential growth of Netflix, which now includes merchandise, physical pop-up events, live streaming major sporting events and a growing advertising division, has been credited in large part to Hastings' investment in developing streaming technology and his shrewd content licensing strategy, Axios reported.
Hastings left his role as CEO in 2023, becoming executive chairman of the company, has in recent years invested in skiing, having bought a $100 stake in a Utah resort development that he calls "PowMow," The Hollywood Reporter reported.
