- Reed Hastings, co-founder and chairman of Netflix, is set to step down from the streaming service's board of directors in June.
- Hastings, who served as CEO for over 20 years until 2023, plans to focus on philanthropy and other pursuits.
- He stated his main contribution was fostering a culture focused on 'member joy' and building a successful company.
- The announcement of Hastings' departure coincided with Netflix's latest quarterly results.
- Netflix shares fell by nearly 9% in after-hours trading following a disappointing company outlook, despite strong quarterly performance.
IN FULL
