Netflix co-founder and executive chairman Reed Hastings will not seek re-election to the company’s board of directors once his term expires in June, the company announced on Thursday.
Hastings’ decision, announced in Netflix’s first-quarter earnings results, comes less than three years after he stepped down as co-CEO and became the board’s executive chairman. Ted Sarandos, Hastings’ co-CEO, has since split the job with Greg Peters.
Hastings called his contribution to Netflix a focus on “member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by members and wildly successful for generations to come.” The co-founder will “focus on his philanthropy and other pursuits,” according to Netflix.
Sarandos and Peters both praised Hastings in statements. “Reed will always be Netflix’s founder and biggest champion—he is a part of our DNA,” Peters said.
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